Unless a particular jurisdiction grants a breeder a common law breeder's lien or has a statute providing for such a lien, a breeder should specifically contract for such a lien for the breeder's service fee.
Guam Reservation of Lien for Payment of Breeding Services Pursuant to Contract or Lease of Animal for Breeding Purposes
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How to fill out Reservation Of Lien For Payment Of Breeding Services Pursuant To Contract Or Lease Of Animal For Breeding Purposes?
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FAQ
In the post-Civil War South, the crop lien system allowed farmers to obtain supplies, such as food and seed, on credit from merchants; the debt was to be repaid after the crop was harvested and brought to market.
Currently, under federal law commercial horse breeders and owners are treated as farmers. Since horses are considered as livestock, state sales and excise tax rates are often advantageous.
Essentially, the lien protects producers from nonpayment by processors. The intent of the producer lien laws was to protect a farmer who sells his or her commodities to a processor under a promise of payment at a later date.
Dairy cows and breeding cattle can be depreciated. Cattle that are just held for resale are not depreciated. Depreciable cattle can be written off over five years or even one year using bonus depreciation or the Section 179 deduction.
The revised version of Article 9, adopted by a majority of the states including Pennsylvania, states that a secured party should perfect its interest in farm products by filing a financing statement in the office of the secretary of state in the state in which the debtor is located.
Rearing horses for sale is considered a qualifying agricultural use (as a subset of livestock raising) and may qualify land for farm class.
In contrast to the facts of Duggar and Rev. Rul. 79-176, if a taxpayer pays a breeding fee an animal bred that the taxpayer owns, the fee is deductible. For a taxpayer that is on accrual accounting, breeding fees must be capitalized and allocated to the cost basis of the animal.
Currently, under federal law commercial horse breeders and owners are treated as farmers. Since horses are considered as livestock, state sales and excise tax rates are often advantageous. If horse breeding ceases to be an agricultural endeavor, taxes could increase.
Under the crop lien system, farmers could get fertilizer, farming equipment, groceries, and other goods by giving merchants a lien on their cash crops, the most desirable being cotton and tobacco.
Agricultural lien is a statutory lien that protects the seller of farming equipment by giving the seller a lien on crops grown with the equipment.
