I would think that the payments could also be claimed as ROC (return of capital) or the current value of the property of when the lease was started. I also would choose a land value on the upper end of the scale for your area.
If that was true then one could also claim deductions for insurrance, property taxes, matintance, etc; that would be applied to that strip of land as the precentage of the whole.
Then if it's held as a investment, it must have been as it's now leased, then excess income would be taxed at the 10% rate as it was held for investment longer than a year.
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Today's Featured Article - Stories From Old Farmer - by K. Pratt. Old Farmer, a.k.a. Dale Jensen began posting messages to our discussion forums at the grand age of 75. With extensive knowledge of farming and tractors, he valued the past and the ways that went with it. He shared these values with us until shortly before his passing. I spoke with Dale in his last days and requested his permission to share some of his stories with the readers of our magazine. He agreed, and provided the
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