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Western Iowa | There are a few guys I know of that are in there 60's and got caught having everything depreciated out. Got short of money in the 80's and sold machinery and cows.
Bank said they would refi once current. Bank got there money, then decided new loans won't work....... Guess what, the cows and machinery are depreciated out, and is all straight income. The farmer got to have the IRS breathing down there neck for 25 years while making payments on the very large tax bill. Can't bankrupt out of a tax bill.
Not a story situation. I know 2 of these men very well, and don't doubt what I have heard about a couple others......
Edited by Sodbustr 12/29/2015 13:15
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Depreciation
