J.B. Wendelken covered his face with his hands, took a deep breath, then slowly rose from his seat. When he spoke, Wendelken’s frustration was painfully obvious, his words barely above a whisper.A seventh inning that turned sideways on Wendelken ultimately cost the A’s the game — and a chance to string a couple victories together — as they lost, 6-4, to the Pirates on Saturday at PNC Park.At the center of it was the Oakland bullpen and a middle reliever who actually made a pretty good pitch. …
14 July 2004Environmental Affairs and Tourism Minister Marthinus van Schalkwyk has turned down an appeal from a private landowner against the development of a commercial wind farm near Darling in the Western Cape.Martin Halvorsen’s appeal cited concerns about the potential impact on birds. Halvorsen also said no other alternative sites had been investigated, rendering the environmental impact assessment “flawed”.However, Van Schalkwyk upheld the original approval, made in February this year, paving way for the construction of South Africa’s first-ever renewable energy power-generating facility.“South Africa is actively targeting the greater use of renewable and zero- or low-carbon sources of energy generation,” he said.“Our climate change response strategy requires us to examine all practical alternatives to limit and reduce our emissions of greenhouse gases and this is a very important first step in our endeavours towards cleaner production.”The wind farm will be developed by a private company, and will feed into the national power network.The proposed development will entail the erection of four Danish-supplied wind turbines with a total power output of about 5.2 megawatts.These will be located on the farm Windhoek – meaning “windy corner” – 12 kilometres northwest of Darling and about 2 kilometres north of the road to Yzerfontein on the West Coast. The wind farm will be situated below the crest of Moedmaag Hill, a free-standing hill in the north-eastern corner of the site, at 252m above sea level.Van Schalkway said that although the initial development would be a relatively small addition to South Africa’s power generation capacity, it was an extremely important pilot project to demonstrate the economic sustainability of powering the country’s rapidly growing economy with clean energy.“Testing and demonstrating the feasibility of small, decentralised and clean power generation facilities is important as part of our efforts to create jobs and eradicate poverty through the creation of SMME opportunities,” he said.According to the South African Press Association, an experimental wind farm, with three giant turbines, is currently in operation at a site north of Durbanville in the Western Cape.Source: BuaNews Want to use this article in your publication or on your website?See: Using SAinfo material
Share Facebook Twitter Google + LinkedIn Pinterest Usually this time of year, the planter is the most important tool on the farm. But, for the past two weeks farmers have used their pocket knives more to see if planted seeds are making progress in cold, wet Ohio soils. Some fields that were planted early on are emerged and after some frost concerns those fields need to be surveyed as well. The Ohio Ag Net’s Ty Higgins visits with Golden Harvest Agronomist Eric Anderson about what to look for in those fields.
Share Facebook Twitter Google + LinkedIn Pinterest By Brian E. RavencraftAs we all know too well, farming incomes can fluctuate from year to year depending on yields, market conditions, and of course the Ohio weather. In certain years a farmer could have large profits subject to higher tax rates, while in the following year have a loss or little profit that results in a minimal tax liability. Due to the uncertain variables that affect farming, farmers should consider using farm income averaging. What is farm Income Averaging (FIA)?Farm income averaging (FIA) is a tax management tool that can be elected after the end of the tax year. In simple terms, farm income averaging allows you to spread a certain amount of your farm income over three years. If you are in a higher tax bracket in the current year and the three preceding years in a lower tax bracket, you will be able to reduce this year’s federal tax liability. The spreading of the income is done equally over the past three years and you cannot pick and choose how much to allocate to each year. There is no change to income reported for the 3 base years. Rather, the unused portion of the tax brackets (of the three base years) are used in the FIA calculation to determine the current year tax liability.Farm income averaging does not create or increase alternative minimum tax (AMT), and FIA does not reduce your self-employment tax. However, if your adjusted gross income is above certain levels, you will still be subject to the net investment income tax.It is not necessary for the individual to have been engaged in farming in any prior year; it is only necessary that the individual be engaged in farming in the current year. Also, it is not necessary that an individual have any specific percentage of gross receipts from farm sources to use farm income averaging. An individual engaged in a farming business includes a sole proprietor, a partner, and a shareholder in an S corporation. Estates and trusts are not individuals for this purpose and cannot use income averaging. What constitutes farm income for purposes of FIA?The IRS defines a farming business as one involved in the trade of cultivating land or the raising or harvesting of any agricultural or horticultural commodity. This excludes buying and reselling plants or animals raised by someone else, or the harvesting under contract of agricultural or horticultural commodities grown by someone else.Farm income includes items of income, deduction, gain, and loss attributable to the individual’s farming business. Some examples of what does and does not constitute farm income are as follows:Rental income based on a share of production from a tenant’s farming business is farm income regardless of whether the taxpayer materially participates if the income is determined under a written agreement.Cash rent farmers are excluded from utilizing FIA.Income, gain, or loss from the sale of development rights, grazing rights, and other similar rights are not treated as farm income.Compensation received by an employee generally is not farm income; however, a shareholder of an S corporation engaged in farming may treat compensation from the corporation that is attributable to the farming business as farming income.Gain on the sale or other disposition of property (other than land) the taxpayer regularly used in a farming business for a substantial period of time (as determined by all the facts and circumstances) can be treated as elected farm income.A very important consideration: You should not automatically assume that all of the farm income should be elected farm income. In some instances, it may be advantageous for the elected farm income amount to be a lesser amount, depending on the taxpayer’s current and prior year marginal tax rates. Other points to consider on income averagingWhere profits are rising, FIA yields an immediate benefit,Where profits are falling, the taxable profit resulting from FIA will be higher than it would have been if FIA was not used.Once made, the election may be revoked with permission from the IRS; therefore, it is important that all relevant factors be considered.Farm families whose non-farm income has increased sharply (new off-farm job) would be eligible to average their farm income and perhaps reduce their current tax liability. Only the farm income is eligible for the averaging.Retiring farmers and others disposing of assets may also be able to take advantage of FIA.Income averaging can be a tool for a farmer in a situation in which the usual tax strategies do not work; however, FIA is not a substitute for important year-end planning considerations to minimize a farmer’s tax liability. Brian E. Ravencraft, CPA, CGMA is a Principal with Holbrook & Manter, CPAs. Brian has been with Holbrook & Manter since 1995, primarily focusing on the areas of Tax Consulting and Management Advisory Services within several firm service areas, focusing on agri-business and closely held businesses and their owners. Holbrook & Manter is a professional services firm founded in 1919 and we are unique in that we offer the resources of a large firm without compromising the focused and responsive personal attention that each client deserves. You can reach Brian through www.HolbrookManter.com or at [email protected]