{"@context":"http://iiif.io/api/presentation/3/context.json","id":"https://iastate.aviaryplatform.com/iiif/hd7np1x81c/manifest","type":"Manifest","label":{"en":["Harl, Neil E., Agricultural Taxation"]},"logo":"https://d9jk7wjtjpu5g.cloudfront.net/organizations/logo_images/000/000/004/original/ISULogo.png?1601681107","metadata":[{"label":{"en":["Preferred Citation"]},"value":{"en":["Agricultural Taxation. Iowa State University Lecture Series (RS 8/6/53). Special Collections and University Archives, Iowa State University Library, Ames, Iowa."]}},{"label":{"en":["Publisher"]},"value":{"en":["Iowa State University. Special Collections and University Archives"]}},{"label":{"en":["Rights Statement"]},"value":{"en":["There are no restrictions on access. (access)","This item is protected by copyright and/or related rights. You are free to use this item in any way that is permitted by the copyright and related rights legislation that applies to your use. 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State.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=20.909,23.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He received his bachelor's degree","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=23.96,25.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from Iowa state in 1955.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=25.62,27.953"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/9","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's a Juris Doctor, Degree of Law","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=27.953,31.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/10","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the University of Iowa in 1961,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=31.14,34.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he received his PhD","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=34.06,35.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"also here from Iowa State in 1965","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=35.58,38.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in economics.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=38.87,40.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He has received numerous awards 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both","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=54.88,57.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/21","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"legal and economic journals,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=57.89,60.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/22","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and also various farm and financial 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delay,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=71.03,72.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/27","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'd like to introduce Dr. Harl.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=72.95,75.333"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/28","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(students 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I","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=102.79,103.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/37","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"almost collided with someone.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=104.95,106.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/38","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Fortunately, it was my one of my 451 students,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=106.93,109.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/39","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that really wasn't","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=109.25,111.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/40","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"all that bad, they know","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=111.2,112.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/41","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a little bit more about me than some of the rest of you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=115.071,117.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/42","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I wanna thank the committee for 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drive","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1494.72,1495.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from the quantity purchasing of inputs,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1495.72,1497.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"quantity sale of outputs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1497.9,1499.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that may, in some instances, at least magnify","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1499.66,1502.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the competitive advantage of the larger 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had","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1508.5,1510.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"maybe responsible for","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1510.64,1512.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the largest component of change in recent years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1512.6,1515.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/632","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But there is one","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1515.75,1517.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/633","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"point here that 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large?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1521.36,1522.703"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/636","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the years, since about 1970,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1523.63,1527.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/637","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as this issue has been raised,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1527.14,1528.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/638","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it has been our habit to ask individuals,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1528.96,1532.157"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/639","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"If you're concerned about increasing 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theory.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1536.844,1539.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/642","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's what we call the Two X Syndrome.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1539.85,1542.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/643","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That what is too big is approximately twice the 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those,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1556.44,1560.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/649","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1560.86,1561.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/650","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"people tend to make this 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I've","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1566.81,1567.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/653","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"talked with people who said,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1567.97,1569.837"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/654","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"You know, I really don't see anything wrong with our 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now,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1573.266,1575.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/657","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I sure do worry about those people about 5,000 acres.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1575.29,1578.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/658","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I've","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1578.92,1579.753"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/659","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"even discussed this with some with 5,000 and they say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1579.753,1582.687"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/660","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Well, I really don't think that so large","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1582.687,1584.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/661","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I'm a little concerned about those people who may be up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1584.7,1587.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/662","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to around 10 or so,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1587.73,1588.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/663","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's just really too big.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1588.92,1590.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/664","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Nobody needs to be that big.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1590.1,1591.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/665","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1591.51,1592.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/666","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we do have a problem here.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1592.343,1593.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/667","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have a problem of what is too large.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1593.97,1597.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/668","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If it's desired, as a matter of public policy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1597.09,1600.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/669","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to discourage the shift to larger farm,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1600.68,1603.193"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/670","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we've got some opportunities open to us","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1604.44,1606.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and alternative courses of action.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1606.45,1608.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of the approaches","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1608.7,1610.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/673","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"involve reducing productivity of inputs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1610.94,1613.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/674","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or increasing input costs or both.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1613.73,1616.263"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/675","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It would be possible to focus on the revenue side and","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1617.24,1620.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/676","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"try to influence the price","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1620.69,1622.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the larger firms get for their products,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1622.73,1625.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and if we did that, we might consider","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1625.35,1627.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"government price and income support payments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1627.68,1630.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the efficacy of that approach is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1630.48,1633.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/681","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"somewhat uneven","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1633.82,1635.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/682","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in influencing the structure of agriculture because","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1635.42,1638.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/683","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over time there's a varying fraction of farm income","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1638.29,1641.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/684","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"derived from such program payments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1641.55,1643.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/685","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, what could we do then?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1643.28,1644.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/686","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If we 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land","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1748.71,1751.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/735","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"down in the wild of Southern Iowa where I originated.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1751.11,1754.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/736","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those really aren't quite the 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application,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1758.62,1760.603"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/739","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the idea is to use the corn suitability rating.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=1761.84,1765.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/740","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are problems 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founding,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2948.83,2950.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because in most cases,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2950.29,2951.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there's no one around to take 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someone","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2957.26,2958.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to assume ownership and management,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2958.58,2960.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then the farm is going to die,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2960.86,2962.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's going to die when the parents retire","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2962.81,2965.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or die, whichever comes earlier.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2965.13,2967.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the traditionally,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2967.75,2969.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the farm business has gone through a cycle,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2969.57,2972.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a cycle of the birth and death of the operation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2972.57,2976.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"within the generation of the founder of the farm.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2976.19,2979.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Not that every farm does that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2982.13,2983.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1266","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"increasingly we're seeing some not following that pattern,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2983.99,2986.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1267","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but basically","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2986.53,2987.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1268","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as we plot age of operator","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2987.6,2989.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1269","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"against measures of efficiency,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2989.97,2991.993"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1270","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then there is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2992.87,2994.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1271","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it has been shown through research that there is indeed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2994.64,2997.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a relationship,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2997.84,2999.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but that the farm itself,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=2999.09,3002.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"born early in the 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cycles","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3024.29,3026.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1285","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a second generation person,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3026.87,3028.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"maybe a third generation person comes 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not","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3034.26,3037.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"proceeded in that 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son-in-law","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3041.39,3043.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or daughter or daughter-in-law might","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3043.17,3044.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"engage in a spinoff,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3044.83,3046.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what we call the spin-off model,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3046.39,3048.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"whereby the parents help them get started,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3048.4,3050.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1296","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but as soon as the child can,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3050.26,3051.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1297","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they spin off into their own economic orbit,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3051.98,3054.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1298","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the parent's operation starts that long","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3054.48,3056.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1299","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"slow decline toward oblivion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3056.58,3058.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1300","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so the parents operations still dies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3058.96,3061.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1301","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the retirement or death of the parents.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3061.92,3064.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1302","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3064.8,3065.633"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1303","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it is a exception rather than the rule","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3065.633,3068.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1304","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the continuation of the farm.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3068.9,3071.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1305","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, we've come to refer 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land.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3271.82,3274.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1390","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They saw this as the 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land.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3294.76,3297.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1400","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, the problem with this is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3297.77,3299.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that not everybody has cash rent,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3299.293,3301.243"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and right now there is a great deal of","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3302.29,3304.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1403","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"weeping wailing national 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formula.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3309.24,3310.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You determine the value of agricultural land by formula,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3310.91,3314.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's based on every January gross cash rent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3314.53,3317.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1408","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"minus property tax","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3317.95,3319.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1409","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the last five full calendar year before death,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3319.96,3323.193"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1410","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and therein lies one of the problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3324.33,3325.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a highly inflationary economy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3325.76,3328.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's a problem when you take the last five, four years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3328.47,3331.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"divided by or capitalized by the average annually effective","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3332.16,3336.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"federal land bank interest rate.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3336.38,3337.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Again,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3337.82,3338.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a problem when we have interest rates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3338.71,3340.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1417","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"increasing at the rate we have.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3340.5,3342.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that's the formula.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3342.91,3344.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let us take as an example,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3344.41,3346.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as we show there,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3346.14,3347.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and assume cash rent of $74 an acre","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3347.81,3351.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1422","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the last five years before death.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3351.15,3353.857"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1423","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"$4 property tax,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3353.857,3355.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"assume 8 3/4%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3355.79,3357.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1425","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"capitalization rate in Federal Land Bank,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3358.04,3360.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1426","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we would have $800 per acre of land.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3360.23,3362.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And any land that would produce","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3362.72,3364.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"cash rent of $74 an acre for the last five 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are","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3524.07,3525.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1499","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"post-death requirements that have to be met.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3525.7,3528.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1500","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The land is tied up for 15 years after death,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3528.07,3530.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1501","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"again, cutting down on transferability.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3530.72,3533.443"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1502","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3533.443,3534.276"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1503","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in order to meet the requirements,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3534.276,3536.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1504","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the land must be a sizable fraction of the estate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3536.22,3539.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1505","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"farm property generally must be at least 50% of the estate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3539.73,3543.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1506","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and there must be active involvement","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3543.29,3545.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1507","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the operation by the decedent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3545.6,3547.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1508","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be a member of the family.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3547.87,3549.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1509","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So 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provision","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3558.5,3562.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1514","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to bonafide farmers","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3562.04,3563.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1515","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and those in a position to meet the requirements,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3563.34,3565.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1516","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then there's a substantial economic advantage","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3565.95,3568.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1517","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for that 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everyone","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3572.69,3575.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1520","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as it might very well be.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3575.37,3577.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1521","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Then we would 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investors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3581.6,3583.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1524","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will once again indifferent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3583.26,3585.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1525","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between investing in farmland with this break","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3585.38,3588.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1526","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and investing in anything else,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3588.22,3589.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1527","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"corporate stocks or bonds or whatever,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3589.64,3592.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1528","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"rare coins","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3592.33,3593.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1529","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without the break,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3593.33,3594.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1530","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which would mean a one-time run-up of land value,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3594.48,3597.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1531","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which would mean that subsequent purchasers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3597.15,3600.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1532","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"young farmers starting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3600.03,3601.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1533","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would have to pay a higher price","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3601.55,3603.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1534","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in effect after pay for the break obtained.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3603.57,3607.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1535","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that's why it's so crucial","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3607.04,3609.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1536","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the gate remain","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3609.35,3611.258"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1537","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to limit to limit this break","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3611.258,3612.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1538","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to those with agriculture,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3612.42,3614.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1539","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and at least then it does not have the 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degree.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3619.38,3621.703"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1542","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This van, as we leave the use valuation area","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3623.44,3627.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1543","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the benefits go to the larger 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period,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3651.26,3653.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1552","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we would just simply indicate that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3653.07,3654.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1553","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can't dispose the land outside the family,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3654.84,3657.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1554","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you have to keep up involvement","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3657.3,3658.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1555","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the 15 years after death","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3658.84,3660.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1556","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that this, again, we'll cut down on the transferability.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3660.82,3664.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1557","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I would like to mention very quickly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3664.91,3666.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1558","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"two provisions that are tied to this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3666.88,3670.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1559","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one provision is the installment payment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3670.06,3672.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1560","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of federal state tax.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3672.08,3672.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1561","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Congress didn't see","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3672.98,3674.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1562","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the land valuation in itself as sufficient.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3674.75,3677.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1563","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so they adopted, the Congress adopted","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3677.95,3681.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1564","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a more attractive installment payment provision","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3681.04,3683.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1565","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for paying the Federal Estate Tax if you had a business.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3683.91,3686.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1566","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Again, it's limited to a business","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3686.88,3688.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1567","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3690.29,3691.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1568","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"here we're showing the economic effects of that provision.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3691.61,3696.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1569","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Note this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3696.35,3697.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1570","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it calls for 4% interest only","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3697.85,3700.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1571","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the deferred tax.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3701.45,3703.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1572","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So what we're illustrating here is the effect","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3703.41,3706.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1573","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of a situation in which","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3707.39,3709.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1574","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we are deferring $100,000 of federal estate tax","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3709.83,3713.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1575","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over the deferral period which is 177 months after death","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3713.88,3718.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1576","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the 15 year period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3719.21,3721.093"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1577","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so as you'll note, nine months after death","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3722.49,3725.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1578","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the federal tax return is filed,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3725.37,3727.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1579","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"21 months after death,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3727.86,3729.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1580","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we make the first interest payment of $4,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3729.07,3732.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1581","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Follow that with three more interest payments, no tax yet","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3732.02,3735.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1582","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the tax is totally deferred.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3735.75,3738.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1583","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We don't start paying tax until 69 months after death","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3738.3,3741.903"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1584","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then it continues for nine more years a total of 10,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3741.903,3746.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1585","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"total deferral of tax for five years with interest at 4%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3746.7,3750.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1586","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Over the period of 177 months,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3750.91,3753.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1587","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we would pay the 100,000 in tax that's due,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3753.89,3756.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1588","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would pay $48,000 of interest for a total of $138,000.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3756.56,3761.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1589","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now how attracted is that?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3761.68,3763.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1590","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It all depends on how good a job,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3763.7,3765.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1591","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the family can do and invest in the fund.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3765.94,3768.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1592","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let's assume, that what they don't pay in tax","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3768.16,3771.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1593","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they could invest at 5%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3771.26,3773.183"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1594","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In that case it have 1% left to invest in compound","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3774.099,3777.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1595","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and over the period that would rise","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3777.44,3778.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1596","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the benefit of $14,443.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3778.84,3781.823"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1597","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When interest rates are where they are now,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3783.29,3784.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1598","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they ought to be able to do better than that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3784.79,3786.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1599","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What if they could invest at 8% return","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3786.47,3788.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1600","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then we'd have 4% of the compound","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3788.69,3790.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1601","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and over the period he would rise to $74,427,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3790.8,3795.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1602","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's a bit more interesting.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3795.18,3796.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1603","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If they could earn 10% on their capital,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3796.94,3800.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1604","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they'd have 6% to compound and over the period","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3800.0,3802.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1605","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that rises to a total benefit of $132,225","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3802.7,3806.733"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1606","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which pays all of the tax","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3808.38,3810.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1607","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and all but $5,775 worth of interest.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3810.75,3814.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1608","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So when you couple","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3814.62,3816.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1609","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the installment payment of federal state tax","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3816.11,3819.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1610","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with use valuation of land,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3819.16,3821.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1611","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then you have a highly attractive way to move a business","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3821.36,3826.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1612","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"through a generation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3826.97,3829.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1613","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But note, you have to have a business.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3829.28,3831.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1614","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The emphasis is on continuity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3831.83,3835.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1615","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not on termination of the firm","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3835.05,3836.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1616","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which has been the traditional experience in agriculture.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3836.87,3840.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1617","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, to couple with these two there is a third provision","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3840.89,3845.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1618","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for corporate stock redemption","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3845.49,3847.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1619","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that is limited to corporations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3847.53,3849.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1620","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Again, corporations are rare in agriculture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3849.43,3851.947"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1621","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but for those who have them, they can redeem stock","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3851.947,3855.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1622","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and use the corporations lower tax rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3855.74,3857.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1623","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to generate the funds","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3857.96,3859.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and pay for that tax amount over the 15 year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3859.61,3863.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"nearly 15 year period.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3863.47,3864.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But it's limited to corporations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3864.88,3866.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So you can see then what has happened,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3866.95,3869.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1628","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that the Congress has created","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3869.33,3872.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1629","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a structure with an assumption of continuity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3872.28,3876.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a special opportunity for corporations","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3876.07,3879.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of corporate stock redemption.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3879.16,3881.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1632","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"All of this under the general assumption,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3881.33,3883.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1633","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"small businesses probably are corporations","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3883.45,3886.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1634","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"yet in agriculture that's not the case.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3886.47,3889.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1635","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, we do not have a quantitative estimate yet","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3889.3,3892.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1636","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of what all these three mean,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3892.39,3894.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1637","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but we will have rather shortly,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3894.17,3896.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1638","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"be able to provide that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3896.64,3898.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1639","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our analysis here,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3898.8,3900.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1640","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our computer runs involving estates and businesses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3900.48,3905.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1641","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In closing, I would like simply to say this","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3905.67,3908.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1642","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we can have a lights back up again","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3908.24,3909.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1643","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for farm businesses that are eligible","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3909.96,3912.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1644","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for all of these provisions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3912.28,3914.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1645","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the installment payment of Federal Estate Tax,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3914.43,3916.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1646","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the corporate stock redemption,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3916.6,3918.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1647","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3918.8,3920.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1648","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"special provision for","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3920.26,3922.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1649","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"valuation of land,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3922.78,3924.123"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1650","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"this will undoubtedly encourage continuity,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3925.01,3928.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1651","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it already is.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3928.27,3929.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1652","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is having an effect on families and encouraging them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3929.83,3933.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1653","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the farm to continue,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3933.69,3935.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1654","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it probably will","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3935.38,3937.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1655","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"benefit the largest farms the most.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3937.58,3940.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1656","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"ThiS may not be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3940.48,3942.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1657","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of great concern to us because it will be a long time before","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3942.08,3945.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1658","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the effect is probably would be noted,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3946.56,3949.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1659","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"either with the reduction in size of farm but at least","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3949.48,3952.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1660","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's viewed by some as inconsistent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3952.03,3954.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1661","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the type of structure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3954.32,3955.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1662","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that some have in mind.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3955.92,3957.413"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1663","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Federal Estate Tax","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3958.37,3959.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1664","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is viewed, I think","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3959.97,3961.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1665","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a tax to accomplish multiple objectives.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3961.74,3964.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1666","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3964.87,3965.703"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1667","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"objective, generate revenue,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3965.703,3967.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1668","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"second objective of","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3967.39,3969.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1669","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"some redistribution of wealth,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3970.06,3972.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1670","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and thirdly to influence the structure of the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3972.19,3975.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The question that we I think face","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3975.59,3978.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is 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especially","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3981.25,3984.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1675","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has created pressures,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3984.02,3986.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1676","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"preferential tax breaks","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3986.3,3987.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that 20 or 30 years from now, we may be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3987.98,3990.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"trying to","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3992.27,3993.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"reverse much the same way","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3993.38,3995.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the cash method of accounting","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3995.5,3997.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1681","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was approached in the 1960s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3997.67,3999.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1682","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That is not at all clear, that'd be the case,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=3999.85,4002.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1683","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but at least I think it's highly appropriate for us","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4002.01,4004.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1684","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to raise that issue and to","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4004.58,4007.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1685","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"handle it as the data become available.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4007.87,4009.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1686","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We don't yet have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4009.82,4011.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1687","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"solid indication","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4011.27,4012.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1688","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of what the effects of these provisions will be,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4012.83,4015.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1689","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but in the next decade or so, we probably will.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4015.64,4017.643"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1690","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One of the most difficult policy issues","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4017.643,4020.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1691","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to face is the fact that what appears","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4021.37,4023.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1692","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be beneficial to one firm in isolation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4023.33,4026.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1693","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"may generate quite a different outcome","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4026.35,4028.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1694","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when the aggregate or the macro effects","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4028.5,4030.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1695","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are taken into account.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4030.36,4031.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1696","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So when we examine the wisdom of changes in the tax area,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4031.77,4035.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1697","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we should evaluate those changes on the basis","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4035.44,4038.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1698","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the expected effects in the aggregate,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4038.29,4041.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1699","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that aggregate effect, of course, maybe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4041.48,4043.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1700","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"surprising compared to the effects that we see","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4043.62,4046.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1701","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as the individual farm.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4046.5,4047.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1702","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"With that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4047.64,4048.473"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1703","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we've gone longer than we would like,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4048.473,4049.893"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1704","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I wanna thank you very much","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4049.893,4051.007"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1705","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and be willing to take any questions you might have.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4051.007,4053.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1706","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=4053.89,4054.723"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29758/annotation/1707","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/029/758/original/AV168119_a.vtt?1624893697","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/029/758/original/AV168119_a.vtt?1624893697"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29759","type":"AnnotationPage","label":{"en":["AV168119_a.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436/transcript/29759/annotation/1708","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- I'd like to welcome everyone to our Ag Lecture Series entitled \"The Farming Future: Where is it Going?\" Tonight's speaker is Dr. Neil Harl. He's a Distinguished Professor in Ag Economics at Iowa State. He received his bachelor's degree from Iowa state in 1955. He's a Juris Doctor, Degree of Law in the University of Iowa in 1961, and he received his PhD also here from Iowa State in 1965 in economics. He has received numerous awards nationally and also here at Iowa state, he received the outstanding teacher award and he was honored with the title of Distinguished Professor in 1976. He's written many publications in both legal and economic journals, and also various farm and financial publications, and I'm sure many of you students have had him in his class that he teaches. So without any further delay, I'd like to introduce Dr. Harl.\r\n\r\n- Thank you very much, pleased to be here, to be with you. I'm also pleased to see that so many of you have braved the vagaries of March weather to be with us this evening, I congratulate you for that. I almost didn't make it myself, I almost collided with someone. Fortunately, it was my one of my 451 students, so that really wasn't all that bad, they know a little bit more about me than some of the rest of you. I wanna thank the committee for organizing this series. I mean, if everyone, every speaker is as difficult as I am to get material and information from you, y'all wouldn't deserve a thank you, you deserve a medal. So I'm appreciative that. Tonight our subject is Agricultural Taxation. As you've noted from the brochure, it's a very broad topic, a very broad rubric and so I thought we should narrow it a couple of degrees at least. So we wanna focus tonight on whether special tax treatment for agriculture is consistent with the type of agriculture we have in mind. Now, I will not spend a great deal of time discussing the details or assumptions about a family-oriented commercial agriculture. Last evening's presentation did that. I find little to disagree with. I think that all of us probably to a sector of many farms, independent farms, decentralized type of agriculture and one that's family owned and controlled. Their question tonight then is, \"Does our tax policy produce results that are consistent with that type of agriculture?\" This is a sensitive area, very sensitive. I have had probably more angry letters, irate phone calls of concerned people asking questions about this subject than probably any other. I don't report tonight to adopt the only position that can be taken in this area that reasonable people can disagree. My hope is that we might challenge each other to advance our thinking a couple of notches relative to whether the political decision and ultimately it is a political question as to the type of agriculture we have. We hope that that political decision will have a great deal of economic and social content to it, but the question ultimately is whether we are comfortable with the type of tax policy produced by the Congress and produced by the states. As historians write the history of the United States Congress in the 20th century, there should be a prominent place reserved for the discovery of taxation by the Congress, not as a means to generate revenue, we've known for a long time that was possible, but the discovery in the latter part of the 20th century was the tax system could be used to serve numerous other masters besides the master of generating revenue to support federal programs. Particularly in our focus tonight will be on using the tax system as a means to implement national policy, national policy in many directions, starting in 1962 with resort to tax policy to in the form of the 7% investment tax credit to get the economy moving again as President Kennedy said then, \"To stimulate investment.\" We have seen the tax system used repeatedly to implement policy relative to economic activity. I wanna mention just four examples other than the initial use of the tax system to generate additional demand as result of the investment Tax Credit Legislation 1962. But first though I'd mention, it was that it worked so well that in 1966 the Congress suspended the Investment Tax Credit. So that was an indication that the Congress might be willing to use the tax system to dampen the fires of inflation. They did it again in 1969. However, as inflation returned in the 1970s, the Investment Tax Credit stayed 1971 onward. A second example where the Congress has used tax policy to implement national policy outside the tax area has to deal with the encouragement of employers to hire the handicapped, the minorities, those who have an assumed lower productivity as employees. And so the Congress provided in effect a reduced costs for hiring those people. We have a jobs whose credit as it's called, we have a wind credit, and both relate to the hiring of individuals with a presumed lower productivity. Again, the Congress felt the tax system was the best way to implement what was essentially a social program. The third, in 1978, one of the chief vehicles for implementing our energy policy and the Energy Tax Act of 1978 was in the form of credits. Some of you are well aware that you can now get a credit if you insulate your house, you can get a credit if you put caulking around the windows of your apartment, all kind of things are eligible for a credit. And if you're in business, farming and otherwise, you can receive a credit against Income tax if you adopt energy conserving measures of specified types. Again, not really a tax area, but the Congress found the taxes could be very useful. Finally, the Congress several years ago adopted deductions to encourage land clearing and soil water conservation expenditures, with additional legislation two years ago. Those are only four of dozens and dozens of instances in which the Congress has used the tax system to accomplish an implementation of other kinds of policies. There are several reasons why Congress has done this, turned increasingly to the tax system. I'd like to mention just a few. One is the taxes alter costs for producers, consumers, they alter returns for producers and consumers and they can affect economic relationships. People are responsive to the economic forces. And so if we increase costs or reduce returns or increase returns, we can assume that most people will be responsive to at least some degree to that change. The Congress has also learned to orchestrate the forces that they can produce in the form of taxation relative to proximate return. In effect tax oriented policy makes use of the market, makes use of the price system as a substitute for what might otherwise be a bureaucratic system with perhaps greater costs, and without all of the desirable attributes of that the tax system had. A second reason why Congress likes the tax system and is turning increasingly to it, is that programs can be implemented quickly. It takes very little lead time. The Congress can pass the law, get it on the president's desk in about three weeks it can be law that in effect. There's not a lot of lead time to place new programs in operations. Thirdly, it doesn't take a huge bureaucratic structure to implement a new program or a new effort. The Internal Revenue Service is already in place and functioning or functioning part of the time or functioning occasionally as some believe. So especially in this time of concern about burgeoning process for government, general aversion to a larger governmental workforce, the tax system has been viewed as a particularly attractive vehicle for implementing a new policy. Four, there's precision in the tax system that we cannot obtain elsewhere. We can get minor adjustments, small adjustments, Bernier type adjustments if we implement policy through the tax system. Moreover, we can obtain a uniformity of application. It is not always easy to apply a policy and have it applied in a fairly uniform manner across the country, at least, and do it very quickly. So there are many reasons why Congress finds the tax system useful for more than generation of revenue. But there are problems in this approach, several problems and our focus tonight will be on some of them. First of all, this has made our tax system unbelievably complex, unbelievably complex. I couldn't carry all of the code and regulations tonight but I staggered over with part of them. And I just want to share with you where we've got in about 20 years. This is the Internal Revenue Code as it applies to income tax. When I first began working in the income tax area in the late 1950s, all of income tax was about 40% of that. So we've had more than a doubling of statutory law in that period. I brought along two of the three volumes of regulation. These are two of the three, there is a third one just the same size as those two. When I started, we had about a third of the total volume of regulation. So in that period of something over 20 years, we've seen more than a doubling of the statutory law and about a tripling of the regulations. That has an effect on practitioners, it has an effect on taxpayers, because we expect taxpayers to be knowledgeable, basically, at least to the point we call the red flag level of awareness about what's there. So when we begin to use the tax system for masters other than revenue generation, we produce a complicated system and one that begins to run into the question, is it becoming so complex that compliance could be a serious question or a serious problem? Because ours is a voluntary system of income declaration and a voluntary system of computing your own income tax, and there's always a question about a breakdown of that system if individuals become disenchanted with the system or if they view the system as so complicated, it cannot be mastered. A second problem is that there's been a tendency to implement policy from a micro point of view. By that we mean, for Congress, for the committees to view life on the standpoint of the individual from the individual consumer, to adopt tax policy as though it was going to be applied only to a particular firm and to pay much less attention to the aggregate effects, what we love to call them economics, the macro effects. When we start looking at what happens if everyone does the same thing. I think this is a basic weakness in the way in which we've approached the problem in recent times. A third problem is that sectors like agriculture that differ significantly from the rest of the sectors go along for the ride when it comes to changes in tax policy. Now, I'd like to cite an example of that, where agriculture has been treated quite differently, not because of a non-uniform law, but because agriculture is indeed different, and when something is enacted that is viewed as desirable for businesses generally, if the business doesn't conform to that pattern, it may not have the same kind of effect. The example I would like to use is the example of income tax reductions for corporations in the last five years. During the 1960s and the 1970s, several states sought to curb the use of corporations in agriculture. They did so with limiting statutes, we'll be looking at those in more detail in a few moments. At the same time they were in the process of trying to discourage the use of the corporation. The Congress was cutting taxes for all businesses including corporations. Just to review where we are, in 1974 and years following, the income tax rate for corporations at the federal level was 22% on the first $25,000 and 48% on all over the $25,000 figure. The tax rate had been there for many years. In 1975, as part of a tax cut bill, that rate dropped. And it dropped to 20% on the first 25,000, 22% on the second 25,000 and then 48% on all over. Now, that was a fairly sizable reduction. And that was the year we were talking about $50 rebates and small refunds to individual taxpayers, and this break meant a break of several thousand dollars to corporations with more than 50,000 of corporate taxable income. Then in 1978, effective in 1979, there was another sharp drop to 17% on the first 25,000, then 20 for the next 25, then 30 then 40 and then 46%. So that during that period of time, we deserved a reduction of corporate income tax rates of a little over 35% overall. Between 1974 and 1979, the corporate tax rate dropped about 35 1/2% from the pre-1975 levels. When asked by some individuals in agriculture, what was the reason for this sharp reduction? The answer was to help small business. Well, I think that there was a genuineness about that. The reductions were such that the, before 75, if someone had $100,000 of corporate taxable income, they would have paid $41,500. Between 1975 and 1978, that would have been 34,500 or reduction of 16.9%, 1979 on 26,750, for another reduction of 22.4%. And if you put the two together, then you come up with the 35 1/2% measured from the 1974 level. During this same time, the tax reduction for sole proprietorships was about 20%, a little over 20%. So we had a reduction in income tax for corporations that was more than 50% greater than it was for the sole proprietorship. So I decided tilt was built into the system favoring corporations over partnerships and over sole proprietorship, and it was done at a time, I would remind you, when the states were trying to discourage use of the corporation. The Congress probably did more in two tax bills to influence the structure of agriculture in terms of organization of farm firms than the states had done in the years in which they had punted it. This illustrates the tax policies have tended to influence the structure of agriculture and sometimes inadvertently, sometimes inadvertently. In the past couple of years, the question of structure of agriculture has moved to center stage, but is not a new concern nor is it only recently that we've managed to influence the structure agriculture by the use of tax and other policies. I'd like to spend a few moments on the structure issue and then we're going to turn to two examples in the income tax area and in the estate tax area as we examine the question, whether special tax treatment for agriculture is indeed consistent with our view of what healthy agriculture should be. But before we leave this area, we'd like to stress once again, that the changes that were made were viewed by policymakers as consistent with helping small business, that was the response given. After all, they said, it only affects those with under $100,000 of taxable income, and that was a small business bill, essentially, that resulted in such a tax cut. It's just that the contrast between agriculture with so many small firms and the rest of the sectors with much larger firms, at least in the mind of policy makers led them to this result, which we might view in agriculture as not at all consistent with an objective of trying to provide a break to the small business. Because small business in agriculture means something quite different than it does elsewhere. Let's take a quick look, a quick review of the question of structure now and examine what's involved, what the dimensions are. We would mention that in the last third of the 20th century, the structure of agriculture has been a major concern in several States. Minnesota, North Dakota, Wisconsin, Missouri have an acted statutory limits on use of the corporation, all that since 1973. North Dakota has a flat ban on the use of the corporation, and then Kansas has had a limitation going back to the early 1930s when a wheat company grew to very large size then went into bankruptcy. Iowa adopted legislation in 1977 limiting use of the trust to add to some 1975 legislation limiting the acquisition of land by corporations with more than 25 shareholders. So many midwestern states had moved during that period to limit the use of the corporation now where real concern whether that is an effective way to influence structure, but the states nonetheless had moved in that direction. Several states also, in fact, about 25 adopted some form of restriction on acquisition of land by non-resident aliens. There are about nine states that have substantial ban with substantial limitations on acquisition of land, including Iowa since January 1st of this year. But about half the states have some form of limitation on acquisition of land, agricultural land by non-resident aliens. The Secretary of Agriculture, Secretary Bergland has elevated structures to the status of a national issue, but he's not alone. The Congress has considered from time to time legislation that would influence the structure of agriculture also, we've mentioned three in particular, the Family Farm Act of 1972, the Family Farm Antitrust Act of 1975 and the Food and Agriculture Act of '77 that would have limited the right to participate in government programs by method of organization of farm businesses. It was not successful but it indicated concern, and I think probably a growing one. Congress also had adopted legislation relative to non-resident aliens in 1974, the Foreign Investment Study Act, the 1976 legislation, International Investment Survey Act, and then the major legislation, 1978, which was the Foreign Investment Disclosure Act, which now requires reporting of ownership of agricultural land by non-resident aliens as you know. So that we have had both in the executive branch and in the legislative, the national level concern about the structure question, and that is intensified in recent years. In general, it's believed that we can subsume the discussion of the problem of structure under about four major headings, and we will place the discussion in a sense of perspective by looking very quickly at the first three and then spending more time on the fourth one, which is the matter of tax motivations. When we talk about the structure, I really prefer to talk about what I call the problem, because everyone views this as a structure issue. But I think almost everyone has their own unique, special concern about what ails agriculture and so there's a tendency for us to roll all of our worries and concerns into one package and refer to them, maybe as the problem. And I think the first dimension of that problem that we should identify is the increase in average size of firm. Certainly in recent years, this has been a matter of major concern, increasing size of farms dating back some years, well-documented and the larger size categories growing in virtually every type of farming operation, substitution of capital for labor, utilization of technological inputs coupled to the increased management ability, and I would emphasize the latter have combined to move the cost curve down into the right. In addition to the production economies, we've had in some instances, economies drive from the quantity purchasing of inputs, quantity sale of outputs that may, in some instances, at least magnify the competitive advantage of the larger firm. In terms of impact on structure, this one may have had maybe responsible for the largest component of change in recent years. But there is one point here that is not as matter of general agreement, that is, what is too large? In the years, since about 1970, as this issue has been raised, it has been our habit to ask individuals, \"If you're concerned about increasing size, what is too large?\" And out of that, we've developed a theory. It's what we call the Two X Syndrome. That what is too big is approximately twice the size of what the individual in question has under his or her control. If they happen to be farming about a half section, then too big gives about a section, if they're, let's 640, too large is about two of those, because people tend to make this judgment in light of their own environment. And I've talked with people who said, \"You know, I really don't see anything wrong with our size. We're about 2200 acres now, but I sure do worry about those people about 5,000 acres.\" And I've even discussed this with some with 5,000 and they say, \"Well, I really don't think that so large but I'm a little concerned about those people who may be up to around 10 or so, that's just really too big. Nobody needs to be that big.\" So we do have a problem here. We have a problem of what is too large. If it's desired, as a matter of public policy, to discourage the shift to larger farm, we've got some opportunities open to us and alternative courses of action. One of the approaches involve reducing productivity of inputs or increasing input costs or both. It would be possible to focus on the revenue side and try to influence the price that the larger firms get for their products, and if we did that, we might consider government price and income support payments. But the efficacy of that approach is somewhat uneven in influencing the structure of agriculture because over time there's a varying fraction of farm income derived from such program payments. Now, what could we do then? If we don't focus on the revenue or the income side, what could we do as a matter of policy? Well, one thing we could do, and this is again, a use of the tax system. We could impose a tax on the manufacturer of large equipment or an annual property tax on equipment above a certain size, or even above a specified aggregate valuation. Our objective would be, I would assume, to increase the per unit cost of production for the big operations. Now, this would, to the extent it was successful, move production away from the minimum point on the cross curve, it would change the cross curve, lead to higher cost production and ostensibly would lead to higher food costs. If the tax were on the aggregate value of equipment for firm, for farm business. The obvious avoidance technique would just be to replicate to create another farm, so we would have to have attribution rules so that if you had one farm of a certain size, you wouldn't be able to start out at ground zero and pay no tax to start up another one. A similar approach would involve efforts to increase the cost of land as an input, a graduated property tax might be a possibility here. With the tax levy rising with scale of operation. A specific proposal has been advanced by one Iowa legislator on that point, that would use as one of the major factors, the corn suitability rating so that you wouldn't cause a differential effect depending on the type of soil you have. After all, it's one thing to have a section of land in probably in Webster silt loam country, it's another to have a section of land down in the wild of Southern Iowa where I originated. Those really aren't quite the same. And so to achieve a degree of uniformity of application, the idea is to use the corn suitability rating. There are problems here. Unless the tax applies to the land rented, to large firms as well as land owned, one expected result would be to shift toward more land rental by big operations and less land owned, so that there would be a way to acquire the services of land without incurring necessarily the increase in property tax. Moreover, it encourages only one dimension of size, after all we've got other ways that we can increase size and scale, we can have more intensive livestock operations. For example, in fact, some worry more about large livestock operations than do about large crop operations. Another possibility, a third major approach for dealing with the increase in average size of the farm is to do something about the level of management ability. Now, we don't talk much about that, but that would be a means to reduce input productivity. For the past several decades, a great deal of emphasis has been placed on improving the management ability of farmers as decision makers. And we shouldn't be surprised, if there's been a modicum of success to that. After all, for 50 years or so, at the high school level, at the area college level, level of the four year university, we've been putting a lot of stress on management, and we shouldn't be surprised that some people are learning something in that process, and they're able to manage more capital than did their parents and grandparents before them. We shouldn't be surprised these efforts have been successful. The ability to manage large aggregations of capital appears to be a factor in the shift to larger-sized farms. After all, for some people, the minimum or the optimal size firm is still 160 acres. That's really about the extent of manageability for others, they can go to a much larger aggregation. But any policy that is directed at avoiding increases in management ability or bringing about decreases in quality of decision decision-making would involve a rather bizarre examination of funding for high school, vocational technical, university and extension education and agriculture. We've got a strong commitment to education in agriculture and elsewhere. The entire history of this country, and so it would indeed be somewhat bizarre for us to raise that question, but that is one that we should not completely eliminate because it probably is a factor. We should also note that a policy based on limiting management ability is subject to erosion because after all, you can become a good manager in ways other than to formal education, especially if you were to close off formal education's route, people would dream up ways to acquire the necessary decision making ability, I'm sure if there's economic to do so. Four, we could affect the cost of debt capital, excuse me, and again the tax system could be used. We could influence the interest rates charge as it is, and may be some economies for larger firms as they use more and greater amounts of debt capital to acquire at perhaps a slightly lower cost, and we could, if we wanted to, influence the cost of that input, and again, affect the cost curve. Because of the imperfect correlation between size of farm, size of farm business and method of the organization and availability of alternatives, we don't hold high hope to influence the structure of agriculture much by the way we limit organizational choice. We doubt that that is going to be very helpful long range factor in influencing the structure of agriculture. The second dimension, the matter of introduction of outside equity capital is viewed by many as part of the problem. And if the problem is viewed as the increasing amount of equity capital entering agriculture, the remedies may be quite different. Unlike debt capital, equity is generally accompanied by control, which may actually be a greater concern than the presence of equity capital per se. First, it should be recognized that movements of capital into and out of moving in agriculture to help relieve the capital shortage that some expect for this decade, should be viewed quite critically. First, it's not at all clear as to the extent of which capital entering agriculture through land purchase relieves the capital shortage and much of the outside capital that in fact enters agriculture does so through the purchase of land. And so if the entering equity capital is through the purchase of land and if the purchase is from non-farm investors, one non-farm investor buying from another non-farm investor, then we would have no change in land value would assume, and the new money entering agriculture really would be little if any. And so it would not ameliorate the capital shortage and the production side of agriculture if in fact we see such a capital shortage. If the purchase is from non-farm heirs of farmers, then the inflow of capital would be matched by comparable outflow of capital from agriculture, as those heirs get, receive the capital from the sale of farmland. Only in the event that the purchases from farmers, that land is purchased from farmers and the resulting funds are available for financing agriculture production, would we see a clear indication that the investment in agriculture by non-farm investors would have a direct effect on the availability of production of credit If the presence of additional outside capital results in a bidding up of farmland prices, as it is alleged to have done, the land base that absorbs that additional capital without any necessary direct effect on capital availability for production. However, if the land value is a bit up, it does mean that the present land owners have more collateral for borrowing, and so they are in effect indirectly gaining something from the presence of the capital moving into agriculture. Evidence is not at all clear relative to the shortage of production credit, but if in fact we do see such a shortage in the 1980s, then the interplay of consumption investment patterns would suggest that agriculture needs to stay firmly connected to the rest of the economy, but I think we wanna be rather cautious about embracing the introduction of outside equity capital on the grounds that it would've helped alleviate the shortages of capital if in fact, it enters in the form of land purchase. If it's believed that outside equity capital ought to be diminished or reduced, then our task is fairly difficult. Historically, the most consistent camp outside capital coming into agriculture has been through farmland purchase. And it's been in the form of farmland purchase by individual investors, not through corporations or not through partnerships or limited partnerships, those have been the targets, but the bulk of it has been by individual purchase, by buying land as individual investors. Short of eliminating the traditional right of investors individually to place their funds where the return is greatest and where they have the desired combination of risk and return and mandatory required and we don't have too many direct measures, we do have some indirect ones. There are some indirect ones. From time to time concern is voiced uniquely about the non-farm, non-resident alien investor, and we now have no limitations in about 25 States to varying degrees but a disclosure act with congressional level, but our evidence so far is that that is a modest amount of introduction of new capital, equity capital in agriculture and so of all the monitoring systems that's on place, and we're prepared, I think, to move, if it appears to threaten traditional agricultural relationships, then the less at the moment, it does not appear likely. The last item we'd like to mention before we return to taxation as a dimension of the problem is vertical coordination. I'm not gonna spend very much time on that, but there are some will view the problem, as essentially the contractual linkages that exist between firms in production and their suppliers, where they're out for purchases. In this part of the country, you've seen relatively little of that, in the broader areas, a great deal. Iowa in 1975 moved to prohibit the linkage of processing from beef and pork processors with more than $10 million of sales of wholesale, from owning feedlots, controlling or operating feedlots in which hogs or cattle the fed for slaughter. Texas for years has prohibited cattle raising and meatpacking by the same firm, but then they define feedlot and feed yard activity, not cattle raising, and so they get around it where it's desired to get around it. Now, let's turn to tax motivations as the fourth and final dimension of the problem. Federal Income Tax legislation over the past decade has painted a picture of attempts to correct earlier steps taken in one case, taken, not by the Congress, but taken by the department of the treasury with respect to cash accounting for farmers, but the movement has been to try to correct the distortions that have been traceable to the cash method of accounting. Up until about 1969, there wasn't a great deal of concern in the Congress about the fact that the cash method of accounting was causing problems in agriculture because it was attractive to outside investors. Actually, it's a combination of the cash method of accounting and the biological processes of agriculture by which breeding stock grows, develops, increases in value, the two together made it highly desirable as an investment opportunity. We're going to take an example to illustrate why, in the pre-1970 era, why that was the case, and then what the Congress did about it. The message here being that eventually it became clear that a special tax break for agriculture wasn't in the best interest of the structure of the sector. Before 1970, it was the in thing to do for a high tax bracket taxpayer to acquire something like a cow-calf herd. Let's assume that they laid out $1 million, and they held that cow-calf herd for three years. They sold the cow-calf herd for the same amount they had purchased it for, again $1 million, held up three years. Let's assume the calf sales just about paid the fee to the veterinary cost and that was it. Let's further assume that we have a 70% tax bracket taxpayer investor, who was the one who bought the cow-calf herd in the first place. If they bought the cow-calf herd and paid $1 million, put the cow calf herd on a depreciation schedule, then in the three years let's assume since they were using fast depreciation, they would have claimed $600,000 in depreciation. The value of that depreciation to somebody in the 70% tax bracket would have been $440,000 at that marginal tax rate. They sold the cows for 600,000. They had capital gains tax of 150,000, 25% rate on that capital gains amount. So the net after tax gain the taxpayer would have been $270,000, because we have the benefit of the depreciation, less the capital gains tax we had to pay, which is fixed at 25%. So what was being done here was to play two tax brackets, one against the other, and it was cash method of accounting coupled with the biological processes of agriculture that made it possible. Deducting depreciation against the 70% tax rate with the gain tax, for 25. And you don't much care whether you even turn the ball up if you can play two tax rates like that, one against the other. So that was happening during the 1960s, and in 1970, '69 rather, the Congress decided finally that something had to be done. So in the Tax Reform Act of 1969, the long road for limiting the use of these tax, special tax treatments for agriculture started being limited. The decision was made not to kill off the special treatments for agriculture, but instead, instead to create a gate that would exclude the non-farm investor. And some of you may have wondered why, you know, I have to hold your cattle and horses for two years, 24 months to get capital gains treatment. You may have wondered why, if you started breeding animal, you may have to pay back part of that gain as ordinary income. The high tax bracket taxpayers had another element added, what was called the excess deduction account, which now is not an effect as to, and a new deduction, but what it did was take more of the fun out of playing two tax rates against each other. Limited recapture, as ordinary income for some of the expenses on land, and a new tax on capital gains is preference income. All of this was a package to try to limit the high tax bracket investor from investing into a cow-calf herd or anything else that would produce that kind of a break, just solely for the tax benefits. The Congress, I think concluded rightly, that there is not much merit in an investment that is solely motivated by tax consideration. Now, that has continued and we've had several more pieces of legislation. In the last five years, we apparently have started down the road of increasing the tax breaks in the estate tax area imposed to debt. I'm not saying that these are parallels, but I do see some parallel features for this era as compared to the income tax treatment. So we're not going to turn our attention to the special estate tax measures that have been generated for agriculture since about 1976. It's not difficult to see why farmers and farm groups were urging the Congress in 1975 and 1976 to do something about the problems of federal estate tax liability. Looking at what had happened since 1940 to the average value of assets for farm, in 1940, the figure at $8,350, and by 1979 and risen to 311, but even in 1975 and 6 when much of the lobbying was being done, we were up to a figure of close to $230,000. So we had a many fold increase in the value of assets, and if it was a fair system in 1940, if it was a fair system in 1948 when the last major change was made in federal estate tax liability, it couldn't be said that it was equally fair in 1976 when the asset values had increased so much. So it was a very compelling reason. Not only that, but we were also seeing of course the proprietor equity increase as we looked at the liability side of the balance sheet, not only was a real estate debt going up, the non real estate debt going up, but the prouder equities were rising and of course that is the bottom line when it comes to imposing federal estate tax liability. In a state like Iowa, we had seen land values increase and probably in the middle west, that was as striking as any place in the country certainly above the US average above the plains, only in the areas around metropolitan cities and close to developed resort areas were they experiencing comparable increase in land values. So I think individuals had good reason to be raising the question about fairness of the system. The Congress responded by concluding apparently that it could be helpful in assisting the farm and small business to survive. The Congress saw this in terms of survival of farms, small businesses, and so they adopted three major provisions to help the farm and small business. Number one, by reducing the Federal Estate Tax burden on small estates, examine that in the moment, they were quite successful in that regard. Second, by creating a new procedure for valuing land. Land used in the farm or land used in other business. Third, by enacting a highly attractive provision for paying the Federal Estate Tax in installments if a business was involved. The congressional action in 1976 that led to those three provisions and several others, seems to have been, that those actions taken on the basis that the family farm as a production entity continues through time. That is a fundamental, apparently a fundamental part of the thinking of the Congress, that there is a continuation of the firm. And so these provisions are designed to make it easier for the farm firm to continue on beyond the generation of the founding of the farm business. The requirements that have to be met for all these provisions relate to an assumption, once again, that there will be a continuation. Now, that's not quite the way it operates, and I'm sure as you think back to your own, think back to your own home area, your own home community, and think of all the farm business you know, you probably can't think of very many that really are likely to continue as a farm beyond the generation of their founding, because in most cases, there's no one around to take over, they're all off to the 14 Winds doing all sorts of interesting things, the children that is, and so unless there's someone to assume ownership and management, then the farm is going to die, and it's going to die when the parents retire or die, whichever comes earlier. So the traditionally, the farm business has gone through a cycle, a cycle of the birth and death of the operation within the generation of the founder of the farm. Not that every farm does that, increasingly we're seeing some not following that pattern, but basically as we plot age of operator against measures of efficiency, then there is, it has been shown through research that there is indeed a relationship, but that the farm itself, born early in the life of the individual or individuals involved and the farm terminates. Now, that doesn't say that the land won't stay within the family, but the farm business as a farm rarely continues, rarely continues. Now, in family situations where someone remains on the farm, we may very well have an overlapping of people's cycles as a second generation person, maybe a third generation person comes in. Historically there've been a few of those, historically most of the farm businesses have not proceeded in that fashion. Historically, it may be that a son or son-in-law or daughter or daughter-in-law might engage in a spinoff, what we call the spin-off model, whereby the parents help them get started, but as soon as the child can, they spin off into their own economic orbit, and the parent's operation starts that long slow decline toward oblivion. And so the parents operations still dies with the retirement or death of the parents. So it is a exception rather than the rule for the continuation of the farm. Now, we've come to refer to these farms that do continue as super farms, because they are the larger ones, they are the ones that already have amass probably the largest aggregation of capital, and they see the greatest loss from a reduction of economic activity down to the starting point and going all the way through the cycle once again. But the point is that from a policy point of view, if we focus attention on encouraging more farms to go through the super farm route, if we encourage farms to continue, and that seems to be the assumption behind the congressional action, we may be running at odds with the policy that suggests that a family farm oriented agriculture perhaps shouldn't be comprised of farms that all continue on beyond the generation of their founding. Well, let's leave that for the moment and let's look at the specific steps the Congress took in 1976. First of all, in 1976, they did something that was quite notable. The Congress was learning not only to use the tax system but they're also learning how to use a , And so there is a move a foot away from the deduction and towards the use of the credit. Now, in 1976, there was a lot of encouragement. The exemption for Federal Estate Tax purposes had been at $60,000 for years, and there were something like 200 bills introduced into the Congress to increase the exemption, and most of them mentioned $200,000. Well, had that been done, the benefit for the small firms down here at the lower end of the scale would've been fairly modest. It would have wiped out the tax for those with old less than about a half a million or so, but as the size of estate grew, the value of the benefit from the larger exemption would increase. For someone with a $21 million estate, the benefit up there would have been well over $100,000. What the Congress finally decided to do with the use of credit, and that's where we are right now. To eliminate the exemption altogether, go to the credit which is now or will be next year, $47,000. Now, the credit of that size and an exemption of 200,000 are parallel up to, oh, close to $1 million. When they divide, they divide rather quickly and the benefits are quite different. Out of the $21 million level of benefits are about $4,500 for someone with a $21 million estate. So you can see the huge difference here in terms of who gets the benefit. And the largest benefit reserved for those with the modest size of estate, that was an interesting move, and a little bit later we'll conclude by showing you other reasons which the Congress seems to like the use of the credit because it's worth the same to everybody. Now, the second major step taken by the Congress had to do with the way we value land. They saw this as the centerpiece for legislation to help the farm and small business survive. We call this use valuation of land. The most attractive of the alternatives, the most attractive of the alternatives involves using cash rent to determine the value of land. Now, the problem with this is that not everybody has cash rent, and right now there is a great deal of weeping wailing national chief, in some areas because we don't have cash rent, but basically it is a formula. You determine the value of agricultural land by formula, and it's based on every January gross cash rent minus property tax for the last five full calendar year before death, and therein lies one of the problems in a highly inflationary economy, that's a problem when you take the last five, four years divided by or capitalized by the average annually effective federal land bank interest rate. Again, a problem when we have interest rates increasing at the rate we have. So that's the formula. Let us take as an example, as we show there, and assume cash rent of $74 an acre for the last five years before death. $4 property tax, assume 8 3/4% capitalization rate in Federal Land Bank, we would have $800 per acre of land. And any land that would produce cash rent of $74 an acre for the last five years would probably sell for at least double that and probably more. In fact, our work here at Iowa State shows land values between 35 and 50% of comparable sale price using this approach. And that can lead of course to a question of who is eligible, who can obtain the benefits from this approach, and what is the value of benefits from use evaluation? What are the expected effects? Well, if we assume land at about $1,500 an acre and if we assume a net worth of $500,000 for the landowner, the benefits from an additional acre of land would be about $252 per acre, and if we have a five-year life expectancy and we discount back to that extent, still that person can pay $172 more per acre than anybody else could pay who wasn't eligible. So what it does, one of the consequences, one of the anticipated effects is that for those resizable estates, land tends to be worth more relative to those who cannot meet the eligibility requirements. So those who are eligible can't afford to pay more for land and bid it up. Secondly, in general, and this situation encourages farmers and others who are eligible for keep land until death and even to shift ownership toward more land as they approach death, it encourages people to hang on to land. And that has an effect, some would view it adverse because it ties up land until people die. It encourages them to keep it until death because if they give it away before death, gift tax is figured on fair market value. If they hang onto it until death, death tax maybe at a third or 50% of its value. So it may mean less land available to younger individuals to acquire. This concept may make it easier for farmers to bid land away from non-farmers if the non-farmer is not eligible. Because the farmer has the break that comes from the expected federal estate tax advantage. To keep this gate, to keep this provision limited to farmers, bonafide farmers, there is an array of limitations imposed. There are a whole array of pre-death requirements. There are post-death requirements that have to be met. The land is tied up for 15 years after death, again, cutting down on transferability. And in order to meet the requirements, the land must be a sizable fraction of the estate, farm property generally must be at least 50% of the estate, and there must be active involvement in the operation by the decedent to be a member of the family. So that if the gate is not open, if the limitations on who's eligible remain and they limit this provision to bonafide farmers and those in a position to meet the requirements, then there's a substantial economic advantage for that group. What happens if the gate doesn't pull, what if this is opened up to everyone as it might very well be. Then we would anticipate that capital would flow into agriculture until outside investors will once again indifferent between investing in farmland with this break and investing in anything else, corporate stocks or bonds or whatever, rare coins without the break, which would mean a one-time run-up of land value, which would mean that subsequent purchasers, young farmers starting would have to pay a higher price and in effect after pay for the break obtained. So that's why it's so crucial that the gate remain to limit to limit this break to those with agriculture, and at least then it does not have the effect of moving land values up at least quite the same degree. This van, as we leave the use valuation area the benefits go to the larger estates where the families are willing to continue to hold the land for 15 years, where there's someone actively enough involved to be able to meet the requirements of material participation in the operation and we would anticipate at best there will be some upward effect on land values. Now in the post debt period, we would just simply indicate that, you can't dispose the land outside the family, you have to keep up involvement for the 15 years after death so that this, again, we'll cut down on the transferability. Now, I would like to mention very quickly two provisions that are tied to this, one provision is the installment payment of federal state tax. The Congress didn't see the land valuation in itself as sufficient. And so they adopted, the Congress adopted a more attractive installment payment provision for paying the Federal Estate Tax if you had a business. Again, it's limited to a business and here we're showing the economic effects of that provision. Note this, it calls for 4% interest only on the deferred tax. So what we're illustrating here is the effect of a situation in which we are deferring $100,000 of federal estate tax over the deferral period which is 177 months after death or the 15 year period. And so as you'll note, nine months after death the federal tax return is filed, 21 months after death, we make the first interest payment of $4,000. Follow that with three more interest payments, no tax yet because the tax is totally deferred. We don't start paying tax until 69 months after death then it continues for nine more years a total of 10, total deferral of tax for five years with interest at 4%. Over the period of 177 months, we would pay the 100,000 in tax that's due, would pay $48,000 of interest for a total of $138,000. Now how attracted is that? It all depends on how good a job, the family can do and invest in the fund. Let's assume, that what they don't pay in tax they could invest at 5%. In that case it have 1% left to invest in compound and over the period that would rise to the benefit of $14,443. When interest rates are where they are now, they ought to be able to do better than that. What if they could invest at 8% return then we'd have 4% of the compound and over the period he would rise to $74,427, that's a bit more interesting. If they could earn 10% on their capital, they'd have 6% to compound and over the period that rises to a total benefit of $132,225 which pays all of the tax and all but $5,775 worth of interest. So when you couple the installment payment of federal state tax with use valuation of land, then you have a highly attractive way to move a business through a generation. But note, you have to have a business. The emphasis is on continuity not on termination of the firm which has been the traditional experience in agriculture. Now, to couple with these two there is a third provision for corporate stock redemption that is limited to corporations. Again, corporations are rare in agriculture but for those who have them, they can redeem stock and use the corporations lower tax rate to generate the funds and pay for that tax amount over the 15 year, nearly 15 year period. But it's limited to corporations. So you can see then what has happened, is that the Congress has created a structure with an assumption of continuity with a special opportunity for corporations in terms of corporate stock redemption. All of this under the general assumption, small businesses probably are corporations yet in agriculture that's not the case. Well, we do not have a quantitative estimate yet of what all these three mean, but we will have rather shortly, be able to provide that in our analysis here, in our computer runs involving estates and businesses. In closing, I would like simply to say this and we can have a lights back up again for farm businesses that are eligible for all of these provisions, the installment payment of Federal Estate Tax, the corporate stock redemption, the special provision for valuation of land, this will undoubtedly encourage continuity, it already is. It is having an effect on families and encouraging them for the farm to continue, and it probably will benefit the largest farms the most. ThiS may not be of great concern to us because it will be a long time before the effect is probably would be noted, either with the reduction in size of farm but at least it's viewed by some as inconsistent with the type of structure that some have in mind. The Federal Estate Tax is viewed, I think as a tax to accomplish multiple objectives. One objective, generate revenue, second objective of some redistribution of wealth, and thirdly to influence the structure of the economy. The question that we I think face is whether the Congressional action in 1976 especially has created pressures, preferential tax breaks that 20 or 30 years from now, we may be trying to reverse much the same way that the cash method of accounting was approached in the 1960s. That is not at all clear, that'd be the case, but at least I think it's highly appropriate for us to raise that issue and to handle it as the data become available. We don't yet have solid indication of what the effects of these provisions will be, but in the next decade or so, we probably will. One of the most difficult policy issues to face is the fact that what appears to be beneficial to one firm in isolation may generate quite a different outcome when the aggregate or the macro effects are taken into account. So when we examine the wisdom of changes in the tax area, we should evaluate those changes on the basis of the expected effects in the aggregate, and that aggregate effect, of course, maybe surprising compared to the effects that we see as the individual farm. With that, we've gone longer than we would like, I wanna thank you very much and be willing to take any questions you might have. Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45478/file/118436#t=0.0,4059.6"}]}]}]}