Tax Implications for Farming: Farm Income and Expenses


This two-part course intends to provide an overview of the federal tax implications for the business of farming that includes cultivating, operating or managing a farm for profit. In Part 1, various issues with respect to farm income and expenses are discussed, together with special rules of estimated tax for farmers. Part 2 of the course focuses on farm assets. Topics covered include basis of farm assets, depreciation/depletion/amortization, disposition of farm properties, installment sales, and involuntary conversion of farm properties.