Farm Tax Update (FARM)

Date: 8/5/2008 Bismarck Radisson Inn
          8/7/2008 Grand Forks Ramada Inn
Time: 8:15 AM - 4:00 PM (Please verify this time on your confirmation.)
8 CPE Hours
$250 Member
$300 Nonmember
Add $25 after 7/22/2008
Instructor: Roger McEowen

This course focuses on the key tax and legal issues associated with representing agricultural clients.

Topics to be covered will include:

• Qualified production activities deduction
• Spousal rental arrangements
• Gifting commodities to family members
• Converting an accrual farm to the cash method
• Exclusion of conservation cost-sharing payments
• Deferring crop insurance and disaster proceeds
• Deferral of livestock sales
• Installment sale/deferred payment issues
• Sale of a principal residence with a farm
• Like-kind exchanges
• Income from commodity transactions
• GAA depreciation for self-employed farmers
• Depreciation caps for light trucks, vans and autos
• Fertilizer allocations and elections
• Deductibility of soil and water conservation expenses
• Farm expenses requiring personal adjustment
• Charitable gifts of raised commodities
• Handling farm losses
• Prepaid farm expenses
• Information returns
• Recoveries from settlements and court judgments
• Conservation easements
• Chapter 12 bankruptcy tax issues
• Selected provisions of the Pension Protection Act of 2006

Designed For: Practitioners representing farmers and ranchers
Level: Update
Developer: Roger McEowen

About the Speaker:
Roger A. McEowen is the Leonard Dolezal Professor in Agricultural Law at Iowa State University in Ames, Iowa, where is also the Director of the Center for Agricultural Law and Taxation. Before joining Iowa State in 2004, he was an associate professor of agricultural law and extension specialist in agricultural law and policy at Kansas State since 1993. From 1991-1993, Professor McEowen was in the full-time practice of law with Kelley, Scritsmier and Byrne in North Platte, Nebraska. At Iowa State, Professor McEowen develops and conducts an educational program in agricultural law and policy and is responsible for developing the curriculum and instructional program for the Iowa Farm Income Tax Schools. Professor McEowen has published scholarly articles in the Journal of Agricultural Taxation and Law, Indiana Law Review, Drake Journal of Agricultural Law, North Dakota Law Review, Nebraska Law Review, the Monthly Digest of Tax Articles, Tax Notes, West’s Social Security Reporting System, Toledo Law Review, Washburn Law Review, Creighton Law Review, Agricultural Law Update, and the Agricultural Law Digest. He is also the lead author of a 1,300-page textbook/casebook on agricultural law that is updated twice annually, and a second 300-page book on agricultural law. He also authors the monthly publication, “Kansas Farm and Estate Law.” In addition, Professor McEowen is the co-author of Bureau of National Affairs (BNA) Tax Management Portfolios on the federal estate tax family-owned business deduction and the reporting of farm income, and is the lead author of a BNA portfolio concerning the income taxation of cooperatives. Professor McEowen conducts approximately 80-100 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and other tax professionals. He also conducts three radio programs (two airing monthly and the other bi-weekly) heard across the Midwest. Professor McEowen received a B.S. with distinction from Purdue University in Management in 1986, an M.S. in Agricultural Economics from Iowa State University in 1990, and a J.D. from the Drake University School of Law in 1991. He is a member of the Kansas and Nebraska Bar Associations, an honorary member of the Iowa Bar, and is a member of the AALA .