I think you are probably smart enough to figure this one out. IF you are in the business of farming and file a tax return for that business each year then a 15 year old baler is going to have a cost basis of ZERO and the proceeds 100% gain and taxable. IF you are still carrying a fully depreciated asset on the books after 15 years then you would have to make an entry to remove it. This entry correctly would show the proceeds and record the income. An incorrect alternative is to make an entry to "write off" the baler as though it were scrapped and pocket the cash without recording it anywhere. This is a matter between you and your conscience.
IF you are not in the business of farming and you do not file a tax return for a farming enterprise then WHY ARE WE HAVING THIS CONVERSATION????
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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