Journal Issue:
Agricultural Law Digest: Volume 1, Issue 8

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Cases, Regulations, and Statutes
( 1990-03-02) Iowa State University Digital Repository
Taxing Agricultural Program Payments
( 1990-03-02) Harl, Neil ; Harl, Neil ; Iowa State University Digital Repository

As a general rule agricultural program payments received in cash or in materials or services are includible in income. The time at which the amounts are received or made available under constructive receipt principles is ordinarily the time the payments are to be included in income. Amounts are "made available" in the year in which farm program payment requirements have been met, regardless of whether an application had been signed to receive final payment. Thus, if federal farm program payments are made available in one year with an option to accept payment in the following year, the amount made available is includible in income in the earlier of the year of actual payment or the year made available to the taxpayer.

Agricultural Law Digest: The Absolute Priority Rule
( 1990-03-02) Iowa State University Digital Repository

A Chapter 11 plan may be confirmed over the objections of creditors, the so-called "cram down," if the plan does not discriminate unfairly and is fair and equitable to all objecting impaired classes of creditors. The absolute priority rule states that a plan is not fair and equitable if the debtor, or any junior creditor, retains an interest in estate business property and unsecured creditors receive less than full payment on their claims.