The great corn gold rush

CNN Money.com ^ | March 30 2007 | Jon Birger

[P-40]

Except for that little thing about payments.

Which you misread.

because it let you keep more of your own money

As pointed out to you many times before, you pay less taxes on your profits.

[newheart]

Just have to keep them from drinking up all the profit. ;-)

[GGpaX4DumpedTea]

“The price of corn has been been the same low price for decades”

In the early 70’s before Carter helped depose the Shah and caused the first contrived shortage of gasoline and crude that lead to excalating crude prices, the price of a bushel of wheat and the price of a barrel of crude were approximately the same. The world needed our grain as much as we needed Iran’s oil. I said then and say now, the price of a bushel of exported grain should have been tied to the price of a barrel of OPEC oil.

[Toddsterpatriot]

As pointed out to you many times before, you pay less taxes on your profits.

Sometimes less than zero.

[ClaireSolt]

I am not going to worry about those guys. I have met a lot of them. They are very conservative. They pay cash for $100,000 combines and will use the money they are making to retire mortgages. No dummies, they now all have degrees in agronomy.

[Toddsterpatriot]

Except for that little thing about payments.

Which you misread.

I don't think so:

(3) Payments. A claim for the alternative fuel payment with respect to alternative fuel sold for use or used as a fuel in a motor vehicle or motorboat is allowed under § 6427(e)(2) only if—

(i) The claimant is—

(A) The United States;

(B) A State (as defined in § 48.4081-1(b)); or

(C) A § 501(a) exempt organization (other than an organization required to file a Form 990-T, Exempt Organization Business Income Tax Return);

(ii) The conditions of paragraphs (b)(1)(i) and (ii) of this section are met;

(iii) The sale or use of the alternative fuel is in the claimant’s trade or business;

(iv) The claimant has filed a timely claim for payment on Form 8849, Claim for Refund of Excise Taxes, and the claim contains all of the information required by the claim form described in paragraph (c) of this section; and

(v) The amount claimed under § 6427(e)(2) as an alternative fuel payment is the amount that exceeds the claimant’s § 4041 liability for the period of the claim.

Hmmmmmmmmm.

[P-40]

Sometimes less than zero.

Show us where in the federal tax code that happens then.

[P-40]

Key phrase: The period of the claim. Remember that little part of the tax code about ‘3 back, 15 forward?’

[Toddsterpatriot]

Key phrase: The period of the claim.

Yes. If, in the period of the claim, I owe $100,000 in taxes and I claim $250,000 in credits, they'll pay me $150,000.

Is that supposed to prove your point?

[Calpernia]

I wonder how ethanol coincides with the open container law :))

Driving with straw extended to tank ;)

[P-40]

No, that is not the way it works. You can generally get to carry such claims 'forward' to future tax periods.

(v) Has § 4041 liability for the period of the claim and the total amount of the alternative fuel excise tax credit claimed under § 6426 for the period of the claim does not exceed such liability.

[Toddsterpatriot]

No, that is not the way it works. You can generally get to carry such claims 'forward' to future tax periods.

If that were the case, why do they use that little word......payment?

[tiki]

I don’t get your meaning.

[P-40]

Because your estimated tax payments often exceed your tax liability for the period. If that is the case, a payment will be made to you.

[IamConservative]

This is the problem I have with corn based Ethanol, waste of good food and whiskey.

Use beets, nobody will miss them..

[Toddsterpatriot]

Because your estimated tax payments often exceed your tax liability for the period.

Why are you changing the subject? We're not talking about tax payments, estimated or otherwise.

A claim for the alternative fuel payment

[P-40]

Uhm...yes, we are talking about tax payments, estimated and otherwise.

[tiki]

Around here we have farmers who grow corn for dairies and I’ve heard that there is no good corn seed to be found, it has all been bought up and they are looking all over the country to get some. I also heard that sorghum seed is short this year.

[Calpernia]

Or switchgrass.