Summit County real estate sales total $59 7M for 3rd week of July
summitdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from summitdaily.com Daily Mail and Mail on Sunday newspapers.
Farm Bureau hires Sherer as tax expert
thefencepost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thefencepost.com Daily Mail and Mail on Sunday newspapers.
Use of like-kind exchanges could be at risk under Biden tax plan
Under Biden s proposal, future Section 1031 exchanges could be used to defer taxes on gains of no more than $500,000, a cap that would fall particularly hard on states such as California, Illinois and Iowa that have relatively high farmland values.
Written By:
Philip Brasher / Agri-Pulse Communications | 9:49 am, May 13, 2021 ×
Like-kind exchanges typically work like this: A farmer who sells a piece of property and then buys a second piece of property doesn’t have to pay capital gains on the first tract until the second one is sold, and the farmer won’t owe any taxes if he or she dies without selling the second tract. (Agri-Pulse photo)
How you could be impacted by tax changes in the American Families Plan
To pay for all of these, the president is also planning to impose higher taxes on corporations, high-income earners and capital gains taxes on inherited assets. However, he’s promised protections for farms and other family-owned businesses that continue in operation. 5:30 am, May 9, 2021 ×
The U.S. Capitol Building, on Saturday, Jan. 16, 2021, in Washington, D.C.
(Kent Nishimura/Los Angeles Times/TNS)
President Joe Biden recently unveiled the American Families Plan, which won both cheers and jeers across farm country. The biggest concern for farmers and ranchers comes from the proposed “pay fors” which includes tax changes.