A look at farm tax planning issues to consider this fall

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"I think the biggest issue this fall is going to be, is just, do we have enough income for tax purposes? Speaking on Wednesday, Sept. 10, Frye talked about tax issues facing farmers, changes of policy in the budget reconciliation bill passed earlier this year, and the issue of an excess fertility deduction on purchased farmland. It was restored fully in the budget reconciliation bill. Residual Fertility DeductionFrye also discussed something he called the "Wild West of taxes right now": the Residual Fertility Deduction. The Residual Fertility Deduction is in Section 180 of the tax code, but Frye said there isn't much information on how it is to be handled.