In an issue that may once have affected former peanut farmer President Jimmy Carter, the IRS sent out a notice this week explaining the tax treatment of payments to peanut quota holders.
Legislation passed recently repealed the marketing quote program for the nuts and orders the Department of Agriculture to make payments to peanut quota holders for the lost value of the quota resulting from the program’s repeal.
The notice advised those who held a quota for investment purposes to generally s treat any gain as a capital gain and any loss as a capital loss. Those who used a quota in the trade or business of farming and held the quota for more than one year generally may be able to treat any gain as a capital gain and any loss as an ordinary loss.
A copy of Notice 2002-67 is be available at www.irs.gov.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access
