Change of "Taxpayer" After Crop Insurance (and Disaster Payment) Deferral

Date
2010-01-08
Authors
Harl, Neil
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Altmetrics
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Iowa State University Digital Repository
Abstract

Recently, the question was asked, “what are the consequences of incorporating or forming an LLC after electing to defer crop insurance and disaster payments?”1 It is tempting to change entities (for the business entity involved), particularly if income shifting to a lower tax bracket taxpayer is possible. However, that outcome seems to be blocked by assignment-of-income rules of long standing.

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