AGW - Emergency management: weather-related hazards (MU Extension)
Permanent URI for this collection
Browse
Recent Submissions
Item Taxation of crop insurance and disaster payments(University of Missouri--Columbia. Extension Division, 2025) Sobba, Mary"Weather variability is one of the largest sources of risk in agricultural production (Figure 1). Congress has recognized the impact of weather variability on crop production and the resulting variability to farm income by implementing a special tax provision. Internal Revenue Code (IRC) Section 451(f) provides that, under certain circumstances, crop producers reporting on the cash method of accounting may elect to include crop insurance and disaster payments in income of the tax year following the taxable year of crop destruction or damage. To qualify for this election, the taxpayer must establish that the income from the destroyed or damaged crop would have been included in income for a taxable year following the year of destruction or damage under his or her normal business practices. Additionally, crop disaster program payments received from the federal government qualify for the IRC Section 451(f) election if a natural disaster prevented a farmer from planting crops, or it destroyed or damaged crops that had already been planted. Proceeds received from revenue insurance policies may be the result of either yield loss due to physical damage, or to a decline in price from planting to harvest. For these policies, only the amount of the proceeds received because of damage or destruction, i.e., yield loss, can be deferred. Proceeds received from weather insurance policies cannot be deferred if the payment is based on rainfall amounts and is not a result of physical damage to a crop" -- first pageItem Weather-related sales of livestock(University of Missouri--Columbia. Extension Division, 2025) Sobba, Mary"Weather variability is one of the largest sources of risk in agricultural production. Livestock producers forced to sell animals because of weather-related conditions - such as flood, drought or other conditions that cause a shortage of water or feed - may be eligible to postpone income recognition from livestock sales. This election provides flexibility to livestock producers to avoid bunching of income." -- first pageItem Drought-related issues in forage, silage and baleage(University of Missouri--Columbia. Extension Division, 2022) Bailey, Eric; Horner, Joe; Kallenbach, Robert; Massey, Ray; Roberts, Craig; Scharf, Peter; Wiebold, William"Drought often changes the composition of forages. Issues such as nitrate accumulation and reduced nutritive value often cause problems for farmers using drought-damaged forages. Many producers are now searching for alternative feeding options for livestock. In response to producers' concerns, University of Missouri Extension has developed this list of producers' questions answered by extension crop and forage specialists."--Page 1.Item Weather-related sales of livestock(University of Missouri--Columbia. Extension Division, 2021) Sobba, Mary"Weather variability is one of the largest sources of risk in agricultural production. Livestock producers forced to sell animals because of weather-related conditions (such as flood, drought or other conditions that cause a shortage of water or feed) may be eligible to postpone income recognition from livestock sales. This would provide flexibility to livestock producers to avoid bunching of income."--First page.Item Taxation of crop insurance and disaster payments(University of Missouri--Columbia. Extension Division, 2021) Sobba, Mary"Weather variability is one of the largest sources of risk in agricultural production (see Figure 1). Congress has recognized the impact of weather variability on crop production and the resulting variability to farm income by implementing a special tax provision. Internal Revenue Code (IRC) Section 451(d) provides that, under certain circumstances, crop producers reporting on the cash method of accounting may elect to include crop insurance and disaster payments in income of the tax year following the taxable year of crop destruction or damage. To qualify for this election, the taxpayer must establish that the income from the destroyed or damaged crop would have been included in income for a taxable year following the year of destruction or damage under his or her normal business practices. Additionally, crop disaster program payments received from the federal government qualify for the IRC Section 451(d) election if a natural disaster prevented a farmer from planting crops, or it destroyed or damaged crops that had already been planted."--First page.