Income Tax Deferral of Crop Insurance Proceeds скачать в хорошем качестве

Income Tax Deferral of Crop Insurance Proceeds

Roger McEowen, interviewed by Eric Atkinson, Agriculture Today Program, March 16, 2022. Generally, crop insurance proceeds must be reported into income in the year they are received. But crop insurance proceeds received in 2021 for crops damaged in 2021 can, by election, be reported into income in 2022. However, to be deferable, crop insurance must be paid on account of actual physical damage or destruction to the taxpayer’s crops. That means that some types of crop insurance may not be deferable or may only be partially deferable. In that event, how is the determination made as to what is deferable and what is not? More information: https://lawprofessors.typepad.com/agr... Roger McEowen is the Professor of Agricultural Law and Taxation at Washburn University School of Law in Topeka, Kansas. From K-State Radio Network, Agriculture Today Program, March 16, 2022; uploaded with permission.