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Farmers

SEE 2 Chapter 24 · IRS outline 3D1, 3D2, 3D3, 3D4, 3D5

Tom and Beth Larsen run Greenfield Farm, with 80 head of cattle, corn and soybeans, and a son who wants to keep it going. This year, a drought cut the corn crop, forced them to sell extra cattle, and brought a crop insurance check in December. Beth's father rents them part of the land on crop shares, and asks if he has to pay self-employment tax. Theo's never seen a Schedule F. Nadia hands him one, and says, 'Farmers have their own calendar, and the Code has made room for it.'

In this chapter

1. Farm income
2. Crop insurance, disaster payments and program payments
3. Depreciation for farmers
4. Disaster-area provisions and forced sales
5. Farm rental: Form 4835
6. Farm tax computation: Schedule J, SE and estimates

This chapter has 6 lessons and 56 practice MCQs with explanations, plus flashcards and a recall sheet.

What this chapter covers

• Farm income
• crop insurance and disaster rules
• livestock
• farm depreciation
• Form 4835
• Schedule J, Schedule SE and farmer estimated tax

Chapter 23: Retirement plans for businesses · Chapter 25: Rental property