1110.020.25 Business Property

IM-#14 February 23, 2007

Most business property is entered on the Personal Property (FMW2) screen, but land and buildings are entered on the Real Property (FMW4) screen. FAMIS excludes the property based on policy as listed below.

Do not consider grain held in storage a resource unless it is to be held in storage for more than 12 months.

If the EU states that the grain is not expected to remain in storage for more than 12 months, do not consider the grain a resource. The EU may not be able to give information on how long it is expected to remain in storage. If the EU is unsure of storage time, do not consider the grain a resource until 12 months have elapsed since the grain was stored.

EXAMPLE: Farmer Joe Green stated he is holding half of his crop off the market to obtain a better price. He is holding the other half to feed his animals. That half of his crop held to drive the market price up is an excluded resource for 12 months. If the grain is stored for more than 12 months, it is a resource. The other half is excluded as it is being held to feed the animals.