Can a crop sharing arrangement benefit from this technique?
No, shares of crop are considered rental income and must be reported as such.
Can I store the grain on my farm, not deliver it to an elevator, and still make a gift to the Community Foundation?
Yes, you should prepare a notarized letter of grain transfer to the Community Foundation in place of the elevator’s warehouse receipt.
Can farm C-corporations benefit in the same way as the farmer who is a sole proprietor?
The benefits described by the Community Foundation apply to calendar year-cash basis sole proprietorships. C-corporations are not treated the same way from a tax perspective. Ask your tax professional to see if your farm operation can benefit from a charitable gift.
Will the gifted grain count as income in government payments limitation caps?
No, the gift of grain won’t count as income in your government payments limitation caps calculation.