Question about dairy quota - Ontario Agriculture2024-03-28T18:32:46Zhttps://ontag.farms.com/forum/topics/question-about-dairy-quota?feed=yes&xn_auth=noI hear so many different angl…tag:ontag.farms.com,2010-06-20:3646443:Comment:55382010-06-20T21:43:03.000ZJoannhttps://ontag.farms.com/profile/JoannVergeer
I hear so many different angles... I'm trying to find out how dairy quota is treated.<br />
<br />
If you listen to the government, they will tell you that farmers never owned quota... that quota is property of the board.... and the boards are quasi-governmental agencies.<br />
<br />
Is that true of dairy?<br />
<br />
Do most farmers treat quota as a capital acquisition? And when he sells the quota, does he treat it as a capital disposition? To acquire or dispose of capital a bill of sale is necessary to be legally binding.…
I hear so many different angles... I'm trying to find out how dairy quota is treated.<br />
<br />
If you listen to the government, they will tell you that farmers never owned quota... that quota is property of the board.... and the boards are quasi-governmental agencies.<br />
<br />
Is that true of dairy?<br />
<br />
Do most farmers treat quota as a capital acquisition? And when he sells the quota, does he treat it as a capital disposition? To acquire or dispose of capital a bill of sale is necessary to be legally binding. What does that bill of sale say?<br />
<br />
If the boards own the quota why are farmers treating quota as capital if he does "own" the quota?<br />
<br />
What is the farmer buying and selling? Is it capital or goodwill?<br />
<br />
The tax implications vary greatly between capital disposition or payment for goodwill. Is the government having it both ways? Saying they own the quota and then capturing capital gains?<br />
<br />
Who really owns the quota? If the board owns the quota.... are farmers entitled to reclaim any overpayment of taxes?<br />
<br />
<br />
<cite>Roadrunner said:</cite><blockquote cite="http://ontag.farms.com/forum/topics/question-about-dairy-quota#3646443Comment5529"><div>Interesting question.....<br/> Any lawyers who have read the legislation?
<br />
What do you think Joann?</div>
</blockquote> Interesting question.....
An…tag:ontag.farms.com,2010-06-20:3646443:Comment:55292010-06-20T16:48:06.000ZRoadrunnerhttps://ontag.farms.com/profile/Roadrunner
Interesting question.....<br />
<br />
Any lawyers who have read the legislation?<br />
<br />
What do you think Joann?
Interesting question.....<br />
<br />
Any lawyers who have read the legislation?<br />
<br />
What do you think Joann?