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Market Segment Specialization Program
Farming -- SpecificIncome Issues andFarm Cooperatives
The taxpayer names and addresses shown in this publication arehypothetical. They were chosen at random from a list of names ofAmerican colleges and universities as shown inWebster'sDictionary or from a list of names of counties in the United Statesas listed in the United States Government Printing Office StyleManual.This material was designed specifically for training purposes only. Underno circumstances should the contents be used or cited as authority forsetting or sustaining a technical position.
Department of the Treasury
Internal Revenue ServiceTraining 3147-114 (7/97TPDS No. 84403T
MSSP
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This information has been provided to you courtesy of:Springer Jones, Enrolled AgentAdmitted to Practice before the Internal Revenue ServiceIf you have been notified that your personal and/or business tax returnsare under examination or being audited by the Internal Revenue Service,professional representation is highly recommended. More than 80% of IRSaudits result in additional taxes, penalties and interest with the averageface-to-face audit additions exceeding $9,500.Mr. Jones may be reached via his website:http://www.getirshelptoday.com
 
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Farming -- Specific Income Issues and Farm CooperativesTABLE OF CONTENTSChapter 1, Unreported Income
....................................1-1
Chapter 2, Unreported Income
 
of By-Products andSecondary Sources of Income
.................................2-1
Chapter 3, Examining Farmer Income Records
......................3-1
Chapter 4, Gross v. Net Proceeds
..................................4-1
Chapter 5, Government Farm Programs
Commodity Credit Corporation Loans (CCC Loans)............5-1Effect on Income When Election UnderIRC section 77 Has Been Made.........................5-1Effect on Income When No Election Has Been Made............5-2Market Gain Resulting From CCC Loans ....................5-2Commodity Certificates ..................................5-3Using Certificates to Pay Off CCC Loans("PIK and Roll").....................................5-4Using Certificates to Pay Off CCC Loans WhenNo IRC section 77 Election Has Been Made................5-4Using Certificates to Pay Off CCC Loans WhenAn IRC section 77 Election Has Been Made................5-5Certain Cost-Sharing Payments............................5-5Conservation Reserve Program (CRP).......................5-6Crop Insurance and Disaster Payments.......................5-7Dairy Termination Program (Milk ProductionTermination Program or Dairy Herd Buy-Out Program........5-8Deficiency Payments....................................5-8Diversion and Set-Aside Payments..........................5-9Farm and Warehouse Storage..............................5-9
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