Text Box: IOWA FARM BUSINESS 
ASSOCIAION
Text Box:    TIP 
If you ever forget your consultants email address, just remember—it’s their first name initial followed by their last name
@
iowafarmbusiness.org 

For example:  
Kent Vickre email address is 
kvickre
@
iowafarmbusiness.org

Foundation News Cont.

2

2004 Tax Updates

2

NEW PcMars Plus

3

PcMars 2.0.8 Update

3

Fall Consultant Workshop

4

 

 

Market Outlook Meeting

4

November 2004

You can avoid many year-end problems by a careful review of business records now prior to fall visits.  Following are a few common “errors” or “omissions”.

1.  When capital purchases are “dealer financed”, those transactions often do not flow through your checking account.  Therefore, record the amount borrowed as Loan Proceeds”, and as a “Capital Purchase”.  Also, provide a copy of purchase agreement to your consultant.

2.  Record “Quantities” on all sales and purchases of grain and livestock.

3.  Record Coop Patronage Dividend “Equity” received as well as cash paid.

4.  Make a list of issues to be reviewed with your consultant when you meet!

5. Make sure you note all Cooperative & Farmland Industry equity write-downs issued this year.                             

                                                                                                                                                                                                           

It seems as though the Farm Business Association Foundation has been talking about "putting" a book together forever.  The book is finished and is fantastic—thanks to the many people who submitted stories.  “Glimpses: Iowa’s Rural Legacy” is a very attractive 6 x 9 book with about 120 pages and a soft cover in color.  We have several photographs that enhance the quality of the book.  Stories were contributed by people who have lived across the state, in a variety of situations and outlooks.  They are varied as the number of people who wrote them, and they pass a legacy worth remembering and on which a solid future can be built.

Some Excerpts

Excerpt #1:  “The assembled stable of writers has produced an interesting, highly readable-nostalgic-volume.  Some of the stories will make you laugh.  Some may bring tears to your eyes.  But any one is worth the price of the book.” (From Dr. Neil Harl, Distinguished Professor, Iowa State University)

Excerpt #2: "This is where I was raised - spent 17 years of my life before I hurried away to what I saw as greener pastures....Greener pastures? How foolish.  There could be no greener pastures than those of this dark, fertile, Iowa land.  There are easier pastures, more productive pastures, more amiable pastures, but certainly none could be greener."

Excerpt #3: "Raised the oldest son of a third generation Iowa farmer and his school teacher wife, I have always been proud of my small town, rural American upbringing.  I was born in 1939 and thus lived through one of the greatest transitions in American Agriculture."

Central Iowa Consultant, David Loupee (Left), meets with Bill Ellerman for his “Pre-add tax planning  meeting.

FALL TAX PLANNING

Continued on Page 2

 

 

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