Consider tax impact of buyout

Muzzi, Doreen
December 2004
Southeast Farm Press;12/15/2004, Vol. 31 Issue 28, Special section p5
Trade Publication
The article focuses on tax impact of tobacco buyout in the U.S. It might be a early to decide how one will spend that tobacco buyout check headed his way. That is because, according to economists, one will more likely be paying some of that money back to the government in the form of taxes. The $3 per pound payment being made to tobacco producers with an economic risk in the crop will be considered ordinary income for every participant and is subject only to income and sell-employment taxes. The same is not true for the $7 per pound tobacco buyout payment to be made to quota owners in 2005.


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