Market prices, trade issues, virus-related marketing problems and other matters have put numerous producers in a financial "squeeze." This session examines how the tax practitioner can aid clients in financial distress from a tax perspective as well as a broader non-tax perspective.
1. Learn how to detect the signs that a farm/ranch client is in financial difficulty before it shows up on the tax return.
2. Understand the possible state law procedures for farm clients subject to foreclosure and the how to perform the tax calculations for deprioritizing taxes for a client in Chapter 12 bankruptcy.
3. Understand the difference why the election to close the debtor's tax year matters, and the tax treatment of discharge of indebtedness income.
Kansas Farm Bureau Professor of Agricultural Law and Taxation,
Washburn University School of Law