UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event report) November 29, 1999
FARMLAND INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Kansas 2-60372 44-0209330
(State of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
3315 North Oak Trafficway
Kansas City, Missouri 64116-0005
(Address of principal executive offices) (Zip Code)
816-459-6000
(Registrant's telephone number, including area code)
Not Changed
(Former name or former address, if changed since last report)
ITEM 5 OTHER EVENTS
The United States Tax Court ("Tax Court") has decided that the tax gain we
realized in 1983 and 1984 on the sale of the stock of Terra Resources, Inc. and
certain other assets were patronage-source gain and that we handled these gains
correctly. By ruling in our favor, the Tax Court rejected claims of the
Internal Revenue Service ("IRS") that we owe additional federal income taxes of
approximately $70.8 million on these gains plus accumulated interest through
August 31, 1999 of approximately $261.0 million. This ruling also means that we
do not owe state income tax and interest of $15.0 million and $56.3 million,
respectively, related to these sales.
The IRS has the right to request the Tax Court to reconsider its decision.
The IRS may ultimately file an appeal with the Eight Circuit Court of Appeal.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
November 30, 1999 FARMLAND INDUSTRIES, INC.
(Date) (Registrant)
By: /s/ TERRY M. CAMPBELL
Terry M. Campbell
Executive Vice President
and Chief Financial Officer
