Hoy F. Carman is professor
of agricultural economics at the University of California, Davis. He is author and
co-author of over 100 papers, chiefly on agricultural marketing, agricultural business
management, and the economics of taxation.
CONTENTS
Preface
I. INTRODUCTION
1. Introduction
Income Tax Jncentives
Income Taxes and the Structure of U.S. Agriculture
Income Taxes and Farm Policy Goals
Tax Equity Issues and Tax Shelters
Income Tax Reform
Analytical Considerations
Organization of the Book
Notes
2. Theoretical Framework
The Tax Structure
Depreciation Allowances
Interest Deductibility
Capital Gains Taxation
Special Investment Incentives
Special Agricultural Tax Provisions
Cash Accounting
Deduction of Capital Expenditures
Capital Gains for Livestock
Additional Considerations
Interactions among Tax Provisions
Imperfect Capital Markets
Uncertainty
Price Variability
Summary
Notes
II. INPUTS AND OPERATIONS
3. Taxes and the Demand for
Farm Inputs
Land
Bid-Price Models
Net Present-Value and Capitalization Models
Rental Rate for Capital Models
General Equilibrium Models
Farm Equipment and Structures
Changing Equipment Investment Due to Tax Reform
Other Capital Inputs
Other Inputs
Summary
Notes
4. Tax Impacts on Asset
Replacement and Operating Practices
General Principles of Asset
Replacement
Tractor and Machinery Replacement
Lease vs. Buy
Orchard Replacement
Beef Cow Replacement
Dairy Cow Replacement
Farm Operating Practices
Cash Accounting
Converting Ordinary Income to Capital Gains
Investment in Depreciable Assets
Summary
Notes
III. TAXES AND FARM OUTPUT,
GROWTH, AND SIZE
5. Taxes and Farm Output
Output Effects Associated with Specific Tax Provisions
Aggregate Impacts on Output
Output Effects of Agricultural Tax Shelters
Livestock Investments
Tree and Vine Crops
Risk-Related Output Effects
Summary
Notes
6. Income Tax Impacts on
Farm Size and Growth
Economies of Size
The Effects of Tax Reform on Cost-Size Relationships
The Current Cost-Size Tax Situation
Taxes and Farm Growth
Mechanisation and Tax Effects
Research Evidence on Taxes and Farm Growth
Summary
Notes
7. Income Tax Equity
Tax Compliance by Farmers
Special Farm Tax Rules
The Current Situation
Notes
IV. IMPACTS OF POLICY
OPTIONS
8. Social Security, Estate,
and Corporate Income Taxes
Social Security Taxes
Self-Employment Tax Management
Farmland Rental
Debt Management
Farm vs. Nonfarm Investments
Capital Gains Income
Self-Employment Tax Burden
Estate Taxes
Structural Aspects of Estate Taxes
Corporate Income Taxes
Summary
Notes
9. Future Tax Law Changes
Proposals for Changing the
Present Code
Agriculture's Stake in Tax Reform
Tax Rate Changes
Capital Gains Exclusion
Investment Tax Credit
Cash Accounting
New Directions for U.S. Taxation
Alternatives and Possible Impacts
The Flat Tax
The Flat Tax and Agriculture
The National Sales Tax
The National Sales Tax and Agriculture
The Unlimited Savings Allowance (USA) Tax
The USA Tax and Agriculture
Summary
Notes
10. Conclusions
Tax Reform and Agriculture
Income Tax Impacts on Agriculture
Research Gaps
Observations on Future Tax Reform and Agriculture
Implications of Changing Present Tax Provisions
Implications of a Consumption Tax
Present Situation
Note
Appendix A. A Brief History
of Tax Reform Related to Agriculture
Appendix B. A Description of Agricultural Tax Shelters
Appendix C. A Note on Methodology for Estimation of Cost-Volume Relationships
References
Index
220 pages
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