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WC KS | Boils down normal course of business and being able to defend. The below IRS paper. I guess I need to read for a variety of reasons---- one it effects all of my operation and large portion deals with hedge. As modern farming gets more complex more defining terms becomes critical.
IRS views. http://www.irs.gov/businesses/small/article/0,,id=211676,00.html#In...
Farmers (ATG) Chapter 9 - Grain
One fear factor---QUOTE---These Regulations are the exclusive means by which gain or loss from a hedging transaction qualifies as ordinary gain or loss. (Treas. Reg. Section 1.1221-2(a)(3)) Consequently, prior case law is irrelevant in determining whether a taxpayer was hedging.
Edited by lazifarmer 1/31/2010 18:01
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is it just my accountant that doesn't like the words "hedge account"?
