30 Mar 1983
Page 1
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Newspaper
Country Today
Location
Eau Claire, Wisconsin, United States of America
Date
Mar 30, 1983
Page
1
Wisconsin grain producers face possible tax on PIK grain despite federal action. Congress cleared in kind payments for tax purposes on March 10, preserving estate tax benefits. IRS had ruled PIK receipts were gross income when received, now deferred until sale. Roger Cliff urges swift state legislative approval.
UW Platteville expert Dr. Robert A. Cropp told about 20 Wood County farmers that a dairy price support cut would likely win over other options if Congress votes today. He cited subcommittee hearings favoring the Dairy Surplus Reduction Act and noted regionalism accusations and proposed incentive based bills.
The National Weather Service extended forecast calls for rain on April Fool's Day then a switch to rain and snow Saturday. Thursday remains partly cloudy with highs in the low to mid 50s and Saturday dipping to the mid to upper 20s.
In Eau Claire area coverage, farmers, grain buyers and economists see PIK as a hopeful boost to a faltering farm economy with side effects. Wisconsin enrolls about 35 percent of corn acres and 48.5 percent of wheat base. market reactions include higher corn prices and plans to sell PIK corn when released.
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