Quote for the Day

On the impact of the business structure of a farm on federal farm payment limitations:

The structuring question also influences eligibility for the federal farm program payment limitation. Under the Federal Agriculture Improvement and Reform (FAIR) Act, of 1996 and earlier legislation, each “person” under one or more production flexibility contracts is eligible for a maximum of $40,000 in federal farm program payments. The payment limitation was eased in 2000. Thus, a key issue any time the farm or ranch business is restructured is determining who will qualify as a separate “person,” and whether different types of entities qualify as their own separate “person.”

McEowen and Hart, “The Law of the Land: Fundamentals of Agricultural Law,” (2002)

 

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