This tax planning session is a potpourri of tax planning topics of prevalent issues within the tax community important for ag producers and landowners. The selected topics include issues that have been discussed within the agricultural tax community for decades as well as recent developments arising out of the TCJA and pandemic legislation.
Distinguish real property from personal property for Section 1031 purposes, specifically addressing Section 1245 real property
Identify opportunities for reduction of self-employment tax while not increasing net investment income tax exposure
Recognize opportunities and limitations regarding allocations of nutrient values in agricultural land purchases
Analyze the speaker's view of distinctions between trade or business activities and activities engaged in for profit for QBI purposes