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Advisor

Re: Doesn't anyone else see the insanity

'tis the American way

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Contributor

Re: Pole barn and taxes

As far as I can find qualifying property for bonus depreciation alway was defined as - Assets must be property to which MACRS
applies for depreciation purposes with a
class life of 20 years or less

 

Yes machine sheds are 20 year property

 

 

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Senior Contributor

Re: Doesn't anyone else see the insanity

Hey k, do you think the governor will use the increased sales tax receipts to keep from cutting the budget or dipping too far in the reserves?

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Senior Advisor

Re: Doesn't anyone else see the insanity

WT--I think he has his hands full on the health and human services end for sure--NE.cattleman asso. Wants to curtail brand inspections---they will fire up a bunch of stuff like that to distract a lot of folks with a sideline antics and add another tax like used vehicle personal property tax--I think you know the drift---a tax cut is a real interesting talking point

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Senior Contributor

Re: Doesn't anyone else see the insanity

The HHS problems will stir up the eastern third and the branding issue will stir up the western 2/3rds. Who do you think will win those battles? The branding issue could be an extension of the COOL and premise id. After all, what would be a better premise id than a brand.

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Senior Advisor

Re: Doesn't anyone else see the insanity

Agreed---look on krvn ag news and it tells the flimsy story of a six cow exchange and the "absorbent costs" of $4.50 for the identity of the brand inspection----but Nat. Cattlemen Asso want's gov low interest loans for producers caught up in BTO Eastern cattle companies bankruptcy----was my estimation the government was just" interfering" with beef commerce according to NCBA---now they want the gov. help for this BTO calamity---why wasn't NCBA watching out for this or they could have a membership drive to secure the funds?    

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Senior Contributor

Re: Doesn't anyone else see the insanity

Good question.  A news report yesterday underscored that observation.  It seems the companies that are making good, actually, great profits are not reinvesting them in expansion and adding jobs.  They are sitting on the money or taking the profits out.

 

One can only stimulate the economy a given number of times, but when public and private debt is unsustainable, adding more to public debt becomes the tipping point towards a downward spiral that will be difficult to recover from.

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Senior Contributor

Re: Doesn't anyone else see the insanity

Look at the membership of the NCBA and you'll see why they do the things they do. Hint: they are not only cattle producers.

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Senior Advisor

Re: Doesn't anyone else see the insanity

WT--excellent  point--plan on going to Rapid City at end of the month---need to hear the Dakota thought's on things--don't think "BTO eastern" was too prevalent  in that country

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Contributor

Re: Pole barn and taxes

For 2010------Jan 01----Sept 08------------ 20 yr farm property MUST have 50% bonus depr taken, unless elected out for that entire class of property..

 

For Sept 08, 2010.........thru 12/31/11.............20yr farm property MUST have 100% bonus depr taken, unless elected out for that entire class of property.

 

Effective 01/01/12..........get 50% bonus depr on 20yr property.

 

Machinery storage is NOT single purpose, and therefore it is not eligible for immediate expensing via Section 179.

 

Tiling is a land improvement, and not depreciable-----------except it is only DEEMED to be Section 1245 property     if      it is used BY THE TAXPAYER as a "...integral part of the production process".

 

So..........tiling is not depreciable if it is put under a field which is never used for farming, or another business involved in the "production process".

 

Tiling is not depreciable by a landlord who cash rents the property...........because it is not used by THAT taxpayer.............it might be used in the production process by another taxpayer, ie the tenant........but it is not used by the landlord in his business, since his business----if cash renting------ is NOT producing.

 

If landlord is on shares...........different story..........now his rental income is directly dependent upon the production process in that field, where the tile is an "integral part".............. as compared to being dependent upon merely whether or not the tenant has enough cash to make the payment.

 

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