Quota payments ruled capital gains - WALB.com, Albany News, Weather, Sports

Quota payments ruled capital gains

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October 3, 2002

ALBANY- Peanut farmers got some good news from the I.R.S this week. The tax agency is reversing policy and giving quota holders a bit of a tax break.

In buyouts of other commodities, the government had classified the payments as oridinary income. But for peanuts, they've decided they will be taxed as capital gains on upcoming tax payments. That could save quota holders as much as 80 percent.

Teresa Crow, IRS Agent, says "We're talking about quite a bit of money for Southwest Georgia going to be put back in the economy.

Overall, the U.S. Department of Agriculture will be buying out a half billion dollars worth of quotas. The buyout is part of the new farm bill where farmers will no longer have the price support system that had been around for decades. Twenty one-thousand Georgians own quota.

posted at 6:20 p.m. by dave.d'marko@walb.com