On September 30, 2024, the 2018 Farm Bill expired, again. This is not unique. Last September, the bill also expired, and Congress enacted a one-year extension on November 19, 2023 ..read more

Since the U.S. Supreme Court decision in Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc., 467 U. S. 837 (1984), courts have often been required to defer to “permissible” agency interpretations of the statutes those agencies administer—even when a reviewing court reads the statute differently. In a landmark decision issued June 28, 2024, the U.S. Supreme Court overruled this so-called Chevron doctrine. [Loper Bright Enterprises v. Raimondo, No. 22-451 (U.S. Sup. Ct. June 28, 2024 ..read more

On June 4, 2024, the U.S. Supreme Court issued a unanimous opinion holding that a corporation’s obligation to use life insurance proceeds to redeem a decedent’s shares did not offset the value of the life insurance when valuing the shares for estate tax purposes. [Connelly v. U.S., No. No. 23–146 (U.S. Sup. Ct. June 4, 2024 ..read more

Because of tax credits created by the Inflation Reduction Act (IRA) for clean fuel production, some farmers may in the near future receive a higher price for selling crops to renewable fuel producers (i.e ..read more

The case is Schwarz v. IRS, T.C. 2024-55 (U.S. Tax Court May 13, 2024).    ..read more

On June 25, 2024, the Iowa Utilities Board issued a 507-page decision and order, granting the petition of Summit Carbon Solutions, LLC, for a hazardous liquid pipeline permit, subject to several terms and conditions. The Board determined that Summit’s proposed carbon pipeline will “promote the public convenience and necessity” as required under Iowa Code § 479B.5 ..read more

In a case of first impression in Iowa, the Iowa Supreme Court today ruled that common ownership of adjacent parcels eradicates otherwise existing claims of boundary by acquiescence by subsequent purchasers. The case is Sundance Land Company, LLC v. Remmark, No. 22-0848, (Iowa Sup. Ct. June 14, 2024 ..read more

Many Iowans have been impacted by recent severe storms.  This post summarizes relevant notices and relief issued by IRS, FEMA, and the Iowa Department of Revenue ..read more

  On Thursday, June 6, 2024, the Iowa Department of Revenue announced that the revised 2023 Form IA 100A (Iowa Capital Gain Deduction – Cattle, Horses, or Breeding Livestock) is ready to file ..read more

The Iowa Legislature had a busy 2024 session, passing 187 bills through both the House and the Senate. This post reviews the enrolled bills of most interest to agricultural producers and landowners. Several of these bills still await the Governor’s signature. Most are effective July 1, 2024 ..read more