Ward Planter Exclusively Grew Soybeans from 2011 to 2013 and Participated

question 224

Multiple Choice

Ward Planter exclusively grew soybeans from 2011 to 2013 and participated in the marketing loan program of the Food, Conservation, and Energy Act of 2008. If the "crop price" of soybeans at harvest was less than the preharvest "loan price," Planter could

• A)sell his crop in the market and receive the difference between the crop price and loan price as a direct payment from the federal government.
• B)take a "crop credit" based on the difference between the crop price and the loan price and use the credit to reduce federal income taxes owed.
• C)receive an "emergency loan" that could be paid back over the following five years.
• D)forfeit the harvest to the lender and be free of the loan, thus receiving a subsidy because the proceeds from the loan exceeded the revenues from the sale of the crop in the market.

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