How to report Statement of farm support payments?

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2014-02-24 00:13

You can directly enter the amounts from the mentioned statement into tax return by following the instruction below:
Box 14 – Report this amount as income from your farming operation.
Box 15 –  This amount relates to:
•sale-back of building sites – this reduces the capital cost of the building site;
•write-off of a principal amount of a loan that has been used to purchase capital property – this reduces the capital cost of the property; or
•forgiveness of interest in arrears or stopping accrual of interest – this has no effect as interest reported in income will be offset by the interest expense deduction.
Box 16 –Include this amount as farming income.
Box 17 –Include this amount as part of your farming expenses.
Box 18 –Include this amount, if positive, on your income tax return on line 130, "Other income." If the  amount is negative, include it on line 232, "Other deductions."

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