The Press-Dispatch
Issue link: https://www.ifoldsflip.com/i/105037
A-6 Wednesday, January 23, 2013 The Press-Dispatch Monica's Meals in Minutes Italian Sausage Stew Frontier donates $1,500 for playground equipment Ryan Mull of Frontier presents a $1,500 check to Petersburg Mayor Jon Craig to be used at Hornady Park to help purchase new playground equipment. Mull said Frontier learned of Petersburg's fund drive for the park equipment and decided to donate to it. Mayor Craig said the city has a goal of $75,000 to purchase new equipment. They have raised $16,000 and have $30,000 in the budget. He said they hope to begin construction on the new equipment this summer. Livestock producers get income tax relief after drought By Jennifer Stewart Purdue University Some Midwestern livestock producers might find themselves facing higher income tax bills if the drought forced them to cull and sell more animals than normal in 2012, but help is available, two Purdue Extension agricultural economists say. The lack of forages and the high cost of feed led many producers who might normally have carried livestock through the winter to instead sell them at weaning. More sales at weaning usually would mean more taxable income in 2012. But there is help in the form of income deferment and averaging. "Federal income tax law may allow farmers affected by weather-related conditions to defer reporting of this income, in some cases, to even out incomes and avoid potentially higher taxes," said Michael Langemeier, who also is associate director for Purdue's Center for Commercial Agriculture. "Farm income averaging, which was enacted after the weather-related provisions, is another alternative that could result in lower income taxes for producers in some situations. "Effective tax management involves consideration of several tax years rather than just minimizing the current year's tax bill." Producers forced to sell draft, breeding or dairy animals because of weather have a two-year reinvestment period. That means producers don't need to report the income if it is used to buy qualified replacement animals within two years of the end of the tax year in which animals were sold, said George Patrick, who specializes in farm tax management. Although this provision doesn't require producers to live in a designated disaster area, producers need to show that weather conditions forced them to sell more livestock than is typical for their businesses. "For example, a beef producer who normally sells five cows per year might have sold 20 cows in 2012 because of limited forage and feed supplies," Patrick said. "Gains from the sale of the extra 15 cows would not have to be reported as income if the producer purchased at least 15 qualified replacement animals before the end of 2014. "The new livestock must be used for the same purpose as the livestock that was sold. Thus, beef cows must be replaced with beef cows. Simi- larly, dairy cows must be replaced with dairy cows." Livestock producers who sold extra animals due to weather but don't intend to replace them also could qualify for an exception that allows them not to report receipts as taxable income in 2012. "Producers whose principal business is farming can postpone reporting these receipts as income for one year for both income and self-employment tax purposes." In this scenario, only livestock sales beyond what is normal for each business would qualify for deferral. Langemeier said one example of this would be a producer who normally farrows and feeds 2,000 pigs each year. Drought, which result- Subscribe Today! ed in a disaster declaration for the county where the hog farm is located, forced the farmer to sell 1,000 pigs as feeder pigs in 2012 instead of feeding them and selling them as market hogs in 2013. The producer's normal practice is to sell no feeder pigs, so income generated from the sale of the 1,000 head Continued on page A-8 By Monica Sinclair This week the weather has turned really cold. Nothing soothes being chilled to the bone like a hot bowl of soup or stew. However, I don't always want the usual chili or chicken noodle soup. Several years ago, I found a different recipe in a cookbook called "Best Recipes of the Great Food Companies." It provides the warmth needed on a cold w inter 's day and keeps me sat is fied. Enjoy! I f yo u have a ny questions or comments, send them to: Monica's Meals in Minutes, PO Box 68, Petersburg, IN 47567 or email them to mealsinminutes@pressdispatch. net. Ingredients you'll need: 1 lb. sweet Italian sausage, casing removed 1 red bell pepper, diced 1 tsp. minced garlic 3 (13 ½ fl oz.) cans beef broth 1 (15 oz.) can diced tomatoes ½ lb. small shaped pasta Grated Parmesan cheese Nature's Seasoning, to taste Italian seasoning, to taste Directions: minutes. 1. In 6-quart heavy pot, 3. Add broth and tomaover medium heat, toes. Heat to a boil. brown sausage, stirring to break up meat, 4.Reduce heat; simmer 15 minutes. drain. 2. Stir in red pepper, gar- 5. Add pasta and cook 10 minutes or until done. lic, Nature's Seasoning and Italian season- 6.Serve warm sprinkle with cheese. ing. Cook and stir for 2 JUNK IT We will come to your home or business to remove your junk. We take anything, even the hard to get rid of items such as televisions, monitors, refrigerators, tires, sofas, paints and batteries. 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