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Abstract

Recently reduced corporate income tax rates and inflation-induced higher tax rates for individuals provide incentives for farmers with taxable incomes above $25,000 to incorporate. Above that level, incorporated farms generally pay less in taxes than unincorporated farms. Compared with sole proprietorships and partnerships, corporations can often accomplish estate planning goals more easily through use of stock and debentures, can purchase certain employee fringe benefits at a lower after-tax cost, and can frequently reduce income taxes further by dividing the farm income among multiple entities (two or more corporations or individuals, each with different responsibilities).

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