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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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