(KTNC) - New tax hassles are brewing for those in the Conservation Reserve Program. The U-S Tax Court has ruled that C-R-P payments don’t equate to cash rent, which means self-employment taxes must be paid on that income.
Roger McEowen (muh-CONE), the director of the Center for Ag Law and Taxation, says the ruling has huge consequences for farmland investors and retired farmers who don’t collect Social Security benefits, because they’re now liable for taxes on C-R-P. (play audio :16 “type of things.”)
McEowen says bids will have to be increased in the C-R-P application process. (play audio :23 “bid amount.”)
McEowen says it will be costly to appeal the tax ruling to the 8th Circuit Court of Appeals. He says it’ll likely take a coalition of Ag groups, conservation groups, and lenders banding together to raise the funds to make the appeal.
© MSC News
MOST VIEWED STORIES
Walnut Township recall coming; Friday mtg erupts in arrest
Sabetha woman arrested in business burglary
Effingham teen facing child sex crimes charges
Severe storms move through NE KS
Rural Horton man charged in alleged beating
Document forgery alleged in ATCO's Walnut Township
Severe storms reported Tuesday in NE KS
Two Brown Co officers honored for their bravery
Atchison man nabbed for neighbor's 4 wheeler theft
Meriden man bound over on rape charge
KS prepares for severe weekend weather
Tornado damage surveyed in NE KS
Former AG Schmidt running for KS' 2nd Congressional District
Richardson County Deputies busy during special enforcement
Beef Barn replacement planned in Jefferson Co
NVCH receives $415,000 grant for expansion project
KS replacement plates see long wait times
Atchison's BC names Educator of the Year
LATEST STORIES
Commission takes action related to bridge project
Whiting woman pleads to theft of fire dept. funds
Two men arrested in Jackson Co for distribute of meth
Winning lottery ticket sold in Falls City about to expire
Trail rides ending at Indian Cave State Park
Atchison's BC names Educator of the Year
Document forgery alleged in ATCO's Walnut Township
RELATED STORIES
USDA Boss Blasts Railroads for Rail Car Shortage
More Storms Possible this Weekend
Red Cross says Learn to Swim Before Heading to Pool or Lake
Morel Mushroom Season Underway in Nebraska
Nebraska Among States Considering Legalizing Industrial Hemp
Fewer Cancer Specialists Practicing in Rural Areas
Ex-Worker in Beatrice Abuse Case Gets Prison Time
Study Shows Drop in Nebraska Groundwater Levels