aG COMMODITIES
An Ag Producer who operates on a cash basis may transfer the ownership of grain / livestock to the Friends of the Humboldt Auditorium Foundation (FOHA) as a method of supporting the restoration of the Humboldt Auditorium. By transferring the ownership of the ag commodity to the FOHA to manage the sale, the ag producer can exclude the sale of the commodity from income while still deducting the production expenses of the commodity. There is no deduction for a charitable contribution. The potential benefit for the ag producer is the avoidance of income based taxes since no income has been generated as the ag commodity ownership was transferred to the FOHA for the FOHA to sell. Please notify the FOHA prior to the transfer of ownership.
Check with your tax consultant for expert advice to see how this option would benefit you while greatly benefiting the FOHA in funding the restoration of the Humboldt Auditorium.
Thank you.
Check with your tax consultant for expert advice to see how this option would benefit you while greatly benefiting the FOHA in funding the restoration of the Humboldt Auditorium.
Thank you.