Add a Formula Legal Kentucky Farm Operations Forms For Free

The Kentucky Revised Statute 132.010 (9, 10, 11) defines agricultural land as any tract of land, including all income producing improvements of at least 10 contiguous acres in area used for the production of livestock, livestock products, poultry, poultry products and/or the growing of tobacco and/or crops including ...

Agricultural land is defined as any tract of 10 acres or more used for the production of crops, livestock, tobacco or timber, any tract of five acres or more used for commercial aquaculture, or any tract meeting the requirements for payments for a participation in an agricultural program based on a contract with the ...

We like to graze our cow on pasture at least half the year so about two to three acres is a good amount of land. The dryer the climate, the more land will be required. (Keep in mind we stack other animals with our dairy cow, so those two to three acres aren't solely for the dairy cow.)

During the same time, the average farm size increased 5.0%, from 441 acres in 2017 to 463 acres in 2022. Between 2017 and 2022, almost all of the size classes decreased in number of farms.

Expenses— The update to the IRC conformity date means that, for taxable years beginning on or after January 1, 2023, Kentucky conforms to the IRC Section 174 changes requiring taxpayers to capitalize and amortize R&E expenses rather than deduct them.

Stricter Requirements You must meet more requirements with an S corp than with a standard LLC. An S corp can have no more than 100 members, and none of them can be partnerships, corporations, or non-resident aliens. A traditional LLC doesn't have these limitations.

The Application for the Agriculture Exemption Number, Form 51A800, is available at .revenue.ky.gov under Sales Tax forms. Completed applications should be submitted by email to DOR.Webresponsesalestax@ky.gov or mailed to DOR's Division of Sales and Use Tax, Station 66, P.O. Box 181, Frankfort, KY 40602-0181.

If your business isn't exempt and has total gross receipts or total gross profits in excess of $6 million, multiply your Kentucky gross receipts by 0.095% and your Kentucky gross profits by 0.75% to figure your LLET liability. You'll pay the smaller of the two amounts.

A Limited Liability Entity Tax (LLET) applies to both C corporations and Limited Liability Pass-Through Entities (LLPTEs) and is not an alternative to another tax. However, corporations paying the LLET are allowed to apply that amount as a credit towards its regular corporate income tax.