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.
2017 rural ramblings and thoughtsBy Jeffrey A. MolletAgricultural Law, June 2017Data and general information that may be of use to agricultural law practitioners.
Post-death conservation easements—Another way to save the farm?By Andrew G. WhiteAgricultural Law, June 2017A conservation easement is a contribution of a qualified real property interest to a qualified organization to be used exclusively for conservation purposes. Conservation purposes include, among other things, the preservation of farmland.
Post-death conservation easements—Another way to save the farm?By Andrew G. WhiteBusiness Advice and Financial Planning, June 2017A conservation easement is a contribution of a qualified real property interest to a qualified organization to be used exclusively for conservation purposes. Conservation purposes include, among other things, the preservation of farmland.
What constitutes a gift of farm land?By Jeffrey A. MolletTrusts and Estates, June 2017The recent opinion of Jackson v. DBR Jackson partnership, et al., presented an unusual question: is a parent’s adding a party to a contract for deed as a purchaser sufficient to vest that party with an interest in or title to that property?
Understanding USDA microloans and how clients might benefitBy Jeffrey A. MolletAgricultural Law, May 2017The microloan program might be a good alternative for many clients looking to obtain a small loan in short order for a specific purpose.
What constitutes a gift of farm land?By Jeffrey A. MolletAgricultural Law, May 2017The recent opinion of Jackson v. DBR Jackson partnership, et al., presented an unusual question: is a parent’s adding a party to a contract for deed as a purchaser sufficient to vest that party with an interest in or title to that property?
The J51 non-commercial driver’s licenseBy Jeffrey A. MolletAgricultural Law, April 2017A new driver’s license is available to the farmers of Illinois— the J51.
Animal welfare topics at the forefrontBy Jeffrey A. MolletAgricultural Law, March 2017There have been a couple of developments on the animal welfare front recently, one by the United Nations and the other from the USDA.
Where is agriculture, and therefore agricultural law, headed?By Jeffrey A. MolletAgricultural Law, March 2017A look at the results of a recent USDA study that may possibly predict what legal issues we might need to be prepared for in the future.
Legitimate income tax collection activity by Illinois?By Paul A. MeintsAgricultural Law, February 2017If your client tells you that the State of Illinois is exerting pressure to be paid, call this number before telling them to write the check.
New source for agricultural informationBy Jeffrey A. MolletAgricultural Law, February 2017Editor Jeff Mollet shares a new alternative to the now-defunct Farmpolicy.com Web site.
Double deduction for prepaid farm expensesBy Paul A. MeintsTrusts and Estates, January 2017The United States Tax Court issued its opinion on December 8, 2016 in the case of Estate of Steve K. Backemeyer v. Commissioner.
Section Council travels to Deere & CompanyBy Jeffrey A. MolletAgricultural Law, January 2017The ISBA Agricultural Law Section Council recently met at the World Headquarters of Deere & Company in Moline, Illinois, to both address ISBA business and to gain further insight into the current state of agriculture from a new perspective.
Tax ideas & suggestions for 2017By Paul A. MeintsAgricultural Law, January 2017News and noteworthy tidbits condensed from practitioner Paul Meints' annual client update letter.
The GST trust tax trapBy Joseph R. Marconi & Brian C. LangsTrusts and Estates, December 2016This article will attempt to assist lawyers in identifying scenarios where the GST tax may come into play so as to avoid or properly identify this menacing tax on generational wealth transfers.
Proposed Section 2704 regulations: Insights straight from the sourceBy George L. SchoenbeckTrusts and Estates, December 2016On October 29, 2016, Catherine Hughes, Estate and Gift Tax Attorney Advisor in the Office of Tax Policy of the U.S. Department of Treasury, spoke at the Notre Dame Tax and Estate Planning Institute in South Bend, Indiana. Here are the top four takeaways from her discussion.
Internal Revenue Service announces inflation adjustments for 2017By Jeffrey A. MolletAgricultural Law, November 2016Some of the IRS' annual inflation adjustments are of interest to those attorneys representing farmers or who are doing related estate, business and/or succession planning work.
Proposed Section 2704 regulations: Insights straight from the sourceBy George L. SchoenbeckAgricultural Law, November 2016On October 29, 2016, Catherine Hughes, Estate and Gift Tax Attorney Advisor in the Office of Tax Policy of the U.S. Department of Treasury, spoke at the Notre Dame Tax and Estate Planning Institute in South Bend, Indiana. Here are the top four takeaways from her discussion.
Temporary nuisance production agriculture in the cross-hairs againBy Stephen R. KaufmannEnvironmental and Natural Resources Law, November 2016On May 24, 2016, following a three-week trial, a jury in Scott County, Illinois returned a verdict in favor of the hog producer defendants and against ten Plaintiffs who had brought a cause of action for private temporary nuisance relating to odor, flies and dust allegedly caused by a swine livestock management facility. This was the first such trial in Illinois.
The GST trust tax trapBy Joseph R. Marconi & Brian C. LangsAgricultural Law, October 2016This article will attempt to assist lawyers in identifying scenarios where the GST tax may come into play so as to avoid or properly identify this menacing tax on generational wealth transfers.
