Water Rights and Land Values in the West-Central Plains

Irrigation is vital to the economic activity of the west-central Great Plains. The crops grown, the distribution of center-pivot irrigation systems, and the basic transportation infrastructure is the same in northwest Kansas, northeast Colorado, and southwest Nebraska. But buyers of agricultural land face a different price for irrigated cropland in each of the states, even when the production characteristics of the land are similar. After accounting for factors like productivity and local property tax differences, we argue that it is the difference in water marketing rights between the three states that explains the price difference. The link between land values and water marketing rights is statistically developed by using Ordinary Least Squared (OLS) regression techniques. After adjusting for differences in property taxes, the analysis reveals that the implicit value of full water-marketing rights in the region is approximately $1,026 per acre. This valuation is within the range of estimates provided by other comparable studies across the country.

RP96-11 The Farm Corporation: What It Is, How It Works, How It Is Taxed

A corporation is an artificial person that is created and operated according to state corporation statutes. It is a separate taxpayer subject to specific and detailed federal, state, and local tax laws. The advice and service of your lawyer are indispensable in organizing and operating a farm corporation. There are three basic forms of farm business organization, the sole proprietorship, the partnership, and the corporation. Variations of these forms have resulted in the limited partnership and the "tax option" corporation. These three basic forms are discussed in this research publication.

EC72-855 Property Statement and Family Objectives for Estate Planning

Family estate planning is a phrase used to describe the acquisition, enjoyment, and disposition of the family's possessions. The estate plan organizes the resources of the family of an effort to provide for the present and future needs of the family and other heirs. A plan which is started early usually has a better chance of accomplishing the desired objectives.