$772,052.01 Allocated to Farmer-Owners
Hazelnut Growers of Oregon Allocates $772,052.01 as 199A/DPAD Deductions
MT ANGEL, Ore., July 14, 2020 – Less than two months after announcing patronage payouts to their growers, Wilco, a farmer-owned cooperative, sends out an allocation notice to qualifying hazelnut farmer-owners for another $772,052.01 in 199A/DPAD IRS deductions.
A written notice of allocation was mailed out to impacted farmer-owners on July 16, 2020. The announcement was made by Greg Thorsgard, the Chief Operating Officer of Wilco’s Hazelnut business unit. Greg says, “We sincerely appreciate the support of our farmer-owners and are very pleased to offer this unique advantage as a farmer-owned cooperative.”
The letters mailed, serve as a written notice of allocation under the requirements of Internal Revenue Code Section 1388(b) with respect to their share of the Domestic Production Activities Deduction, or DPAD, (Internal Revenue Code Section 199A) which allows the cooperative the opportunity to pass the deductions to their farmer-owners. The 199a/DPAD is an incentive designed for those who manufacture or produce their goods in the U.S.
Bart Walker, Wilco’s CFO, stated, “We’re a farmer-owned co-op with a mission to strengthen agriculture, so we’re pleased with the ability to pass on 100% of this deduction back to our farmer-owners.”
The Hazelnut Growers of Oregon business unit that processes and markets hazelnuts out of Donald, Oregon, mailed letters to their growers this week informing them of their share of the $772,052.01 based on past deliveries of merchantable pounds of hazelnuts.
For more about Wilco visit www.wilco.coop or www.hazelnut.com for specifics on Hazelnut Growers of Oregon.