E31 FCC: Alec Bean - Unlocking Tax Deductions Using Residual Land Fertility Value

Hello everyone and welcome back to the Farming for Passive Income show where we strive to educate the agricultural community on how to create alternative income streams and diversification through commercial real estate private equity.

 

We are joined by Alec Bean. He is an agronomist, entrepreneur, and investor focused on providing independent agri-economic consulting services and participating in businesses that empower investors, landowners, and savvy farmers to take advantage of the tax code and maximize their agronomic investments.

 

1:50 How he found out the Tax Code?

4:10 What is Tax Code 180?

5:20 Is it permissible to transfer ownership from parents to siblings?

10: 20: A working example of Tax Code 180

15:55 Do the regulations vary based on the crop?

18:00 His thoughts on crop rotation

21:05  Timetable required 

23:40 2 pieces to remember when executing the Tax Code

31:50 The baseline when he is doing free consultations

32:20 Cost Segregation of Farmland

39:50 “The depreciation schedule as an asset and can be written off or depreciated depending on how the client wants to run it.”

42:45 Takeaway from Alec

Connect with Alec:

Website: www.asmlabs.net

LinkedIn: https://www.linkedin.com/in/alec-bean

 

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