Tax FAQs, Missouri Ag Tax Tidbits


Tax Issues Find out about everything from income tax to gift taxes. Calendar A calendar to help you stay on top of those tax dates. FAQ Frequently Asked Questions about tax issues. Links Related web sites containing tax information. Feedback Question? Need help? Send us a note!	Frequently Asked Questions What is the maximum Section 179 deduction for 2009? Do grain bins qualify for the Section 179 deduction? Will a hay storage building qualify for the Section 179 deduction? My farm has a few large oak and walnut trees that a timber harvester has offered a lump-sum payment of $20,000 for the trees - will this be ordinary farm income? I plan to sell 80 acres of farm ground that has a large hay barn. I was told the tax calculation on the sale is different for the barn and the land - is this correct?

Information provided by:
Parman R. Green,
Ag Business Management Specialist
111 N. Mason
Carrollton, MO 64633
Phone: 660-542-1792
Email: GreenP@missouri.edu

Date reviewed: April 2009

Site maintained by people at AgEBB at the University of Missouri-Columbia.