Are the Fall of Super duper Operations hurting the average Joe!

[sumdumguy]

Grass, maybe you need to buy a little different "grass" maybe "herb". It'll help you to chill out. Everyone comes across differently when texting, etc. There is something lost when people communicate in print. SF3 is honest and straight forward. I understand him and appreciate his and everyone's perspective. He just does what I can only hope to do and never will because of all this darn grey hair.

[sumdumguy]

Grass, you will probably hate me too when I buy my villa in Greece for a dime on a dollar.

[samhill]

I've always maintained that corporations are evil. Now of course most every large farm is incorporated.
For fiscal management which means lower taxation and avoiding capital gains primarily.

I do believe that capital gains taxation is wrong, but a corporation has the rights of an individual but no heart.
Guess that's why I'm small.
But the very large commercial non farm corps are basically the nobility of our era, the privileged class.

[wakopa]

im incorporated and only farmed 850 acres,if i didnt i would pay huge taxes.but then my taxes are spend effecient right.

[Hopalong]

Incorporation has become old hat for many.
Now see things like family trusts, holding companies, company partnerships and more.
Most have aim to defer or reduce taxes.
Some fall for inept or incompetent accountants.
Should they get a break from Revenue Canada or AgriStability because of this?

[samhill]

Well, every one wants services the country provides but no one wants to pay for it. So, tax laws, to reduce taxes, created and implemented by accountants and lawyers, create wealth for the same accountants and lawyers. Business will obviously spend $100K to save $150K. But average Joe is taxed to death, so his wife gets a job, he gets a 2nd job, they pay daycare out the ying yang, which may be non reported and pay exorbitant amounts for a house b/c its the only chance to get ahead. So the end of the middle class. B/c if family income isn't over $120K then you're slipping. Think $120K is a lot. OK, investment bankers make $2 billion a year.
Warren Buffet admits Joe Average pays more tax a year than he does. Back to the feudal system.
Pensioners especially get ripped.

[furrowtickler]

I think it's all washing itself out now and has been going on for a while S/F.
Just keep what you are doing, others like you say, come and go.
The fall of some of these circus clowns only strengthen's the family farms and average Joes left out their IMO.
This flies in the face of 95% of the experts and line company wizards that claim we all "have" too farm with these big corps to survive - well , we don't, and a lot of guys are proving that wrong, and will continue to do so for a long time.

[bucket]

You mean the marketing reps might start calling me because they have cleaned the big guys out or are trying to blend their shit off?

[bgmb]

sam hill people with farmily farm corps are still paying lots and lots of taxes. they have to take money out as wages, rent or dividends to live on and they are taxed on that. There is no tax avoidance with a corp just tax deferral.

[bgmb]

I Honestly dont believe these guys set out to screw ppl like some would try and suggest on here. They watched these family run operations that were well capitalized and good at growing grain make a really good return for themselves and thought to themselves..... We can do this but we are going to do it 5 or 10 times bigger and make 5 or 10 times more money. I would say poor weather, not enough cash and less than perfect management took them out.

Who will be next to take a swing at the Wingmore operation?

[wmoebis]

I also don't have a big tear for the corps that they owe money to.
Chances are that they sold them products at a lower cost and on credit, than they did to anyone else. Volume discounts, longer terms, lower interest etc.

[ajl]

Looks like FCC will get taken by these shysters for 10 mil or so which means the rest of their portfolio will need to collect a little more interest to cover. Wonder how many more of these they will have. I remember Gary Pike being Bayers event speaker at Crop Production. Maybe he has more to say now.

[bgmb]

One thing is for sure, he will be able to advise his clients on what not to do.

[bucket]

bgmb

Are wigmore's part of CPS? They might fit in with the way they do things.

[Grahamp]

I have to admit being a little surprised by this, I mean you wouldn't think they could have lost money last year, and even with a disaster this year you wouldn't think they could lose more than $100 per acre. Especially with their rents which seem reasonable (if the numbers mentioned in this thread are true.)