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Deferring income from commodity sales

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  • Harl, Neil E

Abstract

Few legal or tax developments have had the impact on agriculture of the 1996 shift in IRS position on deferred payment sales of farm commodities. Fortunately, on January 28, 1997, IRS announced the new position would not be applied to 1996 and earlier years. Unless Congress acts, the new IRS position will apply in 1997. It has been clear since 1986 that installment sales of crops were subject to alternative minimum tax (AMT). The key question now is whether anything will be done to ease or eliminate the alternative minimum tax problem. The situation is complicated by the fact that adjusting the reporting material items is a change in method of accounting.

Suggested Citation

  • Harl, Neil E, 1997. "Deferring income from commodity sales," American Bankers Association, American Bankers Association > Journal of Agricultural Lending, vol. 10(2).
    • Handle: RePEc:ags:abajal:336375
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    File URL: https://ageconsearch.umn.edu/record/336375/files/ers2022-23-0330.pdf
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