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AICPA Agriculture & Cannabis Industry Conference 2020

AG2011 - Tax Issues Associated With Financially Distressed Clients

Dec 9, 2020 3:40pm ‐ Dec 9, 2020 4:55pm

Standard: $49.00


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.

Learning Objectives:
  • 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.


  • Roger McEowen, JD, Kansas Farm Bureau Professor of Agricultural Law and Taxation, Washburn University School of Law
Tags: Agriculture
Category: General Session (Online)

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