Trading Farmland for a Vacation Home: Can This Be a Qualified 1031 Exchange?By Jeffrey A. MolletAgricultural Law, September 2019When dealing with replacement property, care should be taken to make sure that the client's facts and intended use of the replacement property fully meet the requirements of the applicable safe harbor rules.
The need for a roundup on Roundup?By Jeffrey A. MolletAgricultural Law, June 2019Roundup has been making news recently, mostly as a result of the large verdicts rendered in litigation alleging the weed killer causes cancer.
Non-dischargeable debts in bankruptcyBy Roger A. McEowenAgricultural Law, April 2019With an uptick in farm and ranch bankruptcy filings over the past few years, bankruptcy law is an important topic for farmers and their legal counsel.
IRS 2019 farm tax return due date extendedBy Jeffrey A. MolletAgricultural Law, March 2019The IRS recently announced that standard March 1 deadline for farmers to file a tax return has been extended to April 15, 2019.
Buyer’s premiums and bankruptcy auctionsBy Jeffrey A. MolletAgricultural Law, December 2018In re THR & Associates, Inc. and In re Ruffolo deal with the use of buyer's premiums in auctions held in Chapter 7 bankruptcies.
Disclaiming implied warrantiesBy Roger A. McEowenAgricultural Law, December 2018Because items such as livestock, feed, seed, or pesticides are goods, sales and other transactions involving them result in the creation of warranties.
IRS provides tax inflation adjustments for tax year 2019Agricultural Law, December 2018The Internal Revenue Service announced this month the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
Lack of spouse’s signature: A problem for perfection?By Jeffrey A. Mollet & Nicole E. MolletAgricultural Law, October 2018With the significant and long-term downturn in the agricultural economy, many producers with marginal financial resources are teetering on the edge of collapse. In many instances, a bankruptcy filing will be the result.
Purchase money security interest and equipment purchasesBy Jeffrey A. MolletAgricultural Law, September 2018Most lenders seek a secured position when lending money, and when possible they want a purchase money security interest.
Clear and unambiguous: “All” means allBy Kris TuttleAgricultural Law, June 2018The Illinois Supreme Court recently addressed the construction of an oil and gas lease assignment in Ramsey Herndon LLC v. Whiteside.
Get a surveyBy Jeffrey A. MolletReal Estate Law, June 2018A survey is nearly a necessity when agricultural land is to be purchased, and today many lenders will require one before any loan will be funded or approved.
Impacts of the Value-Added Producer Grant Program on business outcomesBy Anil Rupasingha & John PenderAgricultural Law, June 2018The Value-Added Producer Grant Program provides grants to help farmers and ranchers add greater value for agricultural commodities and aims to generate new products, initiate and expand marketing opportunities, increase producer earnings, create new jobs, and contribute to community economic development.
New farm bill: What are the topics of discussion?By Jeffrey A. MolletAnimal Law, June 2018The House Committee on Agriculture recently approved the Agriculture and Nutrition Act of 2018, which will address the economic challenges facing farmers and ranchers and make investments in opportunities for SNAP recipients.
Dicamba “terms and conditions”By Jeffrey A. MolletAgricultural Law, May 2018As use of dicamba expands, there have been numerous shifts in policy and procedure.
New farm bill: What are the topics of discussion?By Jeffrey A. MolletAgricultural Law, May 2018The House Committee on Agriculture recently approved the Agriculture and Nutrition Act of 2018, which will address the economic challenges facing farmers and ranchers and make investments in opportunities for SNAP recipients.
Get a surveyBy Jeffrey A. MolletAgricultural Law, March 2018A survey is nearly a necessity when agricultural land is to be purchased, and today many lenders will require one before any loan will be funded or approved.
Judgment for dissolution of farmland partnership upheldBy Jeffrey A. MolletAgricultural Law, March 2018The recent opinion in Palmer v. Mellen2 illustrates how a family situation can deteriorate even when a written partnership agreement is in place.
Post-death conservation easements—Another way to save the farm?By Andrew WhiteReal Estate Law, March 2018One may think of conservation easements as being used for wetlands, timber, or grasslands but in fact they are also appropriate for the preservation of the tillable, rural farmland that covers a large portion of Illinois.
The Family Farmer Bankruptcy Clarification ActBy Jeffrey A. MolletAgricultural Law, January 2018Family farmers seeking bankruptcy protection are often surprised by the need to pay capital gains taxes upon the sale of farming assets (land and/or equipment) which are sold as part of the reorganization process.
Tax court says no time limit for examining calculation of DSUEBy Kristine A. TidgrenAgricultural Law, January 2018A recent tax court opinion stands for the proposition that there is no limit to the number of years the IRS can go back to review (and correct) a DSUE reported by the estate of the spouse who died first. This lends a bit of uncertainty to the benefit of portability.
Courts issue victories to conservation easement donorsBy Jennifer BendaAgricultural Law, September 2017August brought three wins for taxpayers who donated conservation easements that were challenged by the IRS. In all of the cases, terms of the conservation easement deed document carried the day.
Crop share leases making a comeback?By Jeffrey A. MolletAgricultural Law, August 2017As the historically high sale prices of farmland has softened in many areas, landlords are considering other lease options and show a renewed interest in the crop share lease. Here are a few issues to consider.
