As I write this in December 2018, the news is being flooded with articles on farm bankruptcies and the looming crisis for farmers and their lenders due to various economic situations outside of each farmer’s control. Farm divorces are estimated to increase.
For anyone who ...Read More
Instead of hiring employees to perform all work on the farm, many pork producers contract with independent contractors to perform certain services. For example, a pork producer may contract with an independent trucker to transport pigs from a nursery to a finishing barn or ...Read More
On April 26, 2018, a jury in North Carolina awarded a judgment against Murphy-Brown LLC (an affiliate of Smithfield Foods) for more than $50 million in a nuisance lawsuit arising from the operation of a hog confinement facility. This judgment was later reduced by ...Read More
Whether you are a producer looking to expand your operations without buying additional facilities, or a farmer approaching retirement and considering renting your hog barns out, the following are key terms that should be addressed in any barn lease:
- Correctly Identify Parties. Make sure ...Read More
The Tax Cuts and Jobs Act (the “Act”) made effective on December 22, 2017 repealed the old section 199 of the Internal Revenue Code of 1986 (the “Code”) which used to provide for an income tax deduction equal to approximately 9 percent of the ...Read More
The Tax Cuts and Job Act of 2017 is the most dramatic change to the U.S. Tax Code since 1986. This wide-reaching, complex tax reform passed in such a hurry at the end of 2017 that many business owners, including farmers, are still trying ...Read More