By Chris Clayton DTN Ag Policy Editor
OMAHA (DTN) -- Congress appears to have agreement on a five-year highway bill, but the people dancing the most over a bill to lay asphalt may be the crop insurance industry.
The conference report for the highway bill includes a provision that eliminates the $300-million-a-year cut in crop insurance that was part of the budget deal last month. Members of the House and Senate Agriculture Committees pushed congressional leaders to find a way to avoid and eliminate the cut to crop insurance, which would have totaled $3 billion over 10 years.
The highway bill does not include any offset measures for crop insurance, but simply included a provision repealing section...
An Exit Strategy For Corn?
Ask the Taxman: Questions on a Charitable Retirement
QUESTION:
I read your article in the October Progressive Farmer involving a grain producer who created a Charitable Remainder Trust (CRT), sold grain, and took back an annuity to spread out the income taxes and eliminate the self-employed Social Security tax. We have a breeder hen farm with a sale contract that will close soon. Is it possible to follow the same method to minimize some of the taxes, which are projected to be about $150,000? Some of the income is ordinary from prior depreciation and some is capital gain. The farm is nearly 100% depreciated, and we are in our 70s so are not interested in another Section 1031 rollover into other real...