1099 Nominee

[L.S.]

Farmer received 1099 MISC for $362,367 crop insurance proceeds. He is farming with dad - he gets 1/3 - dad 2/3. this full amount came in son's name and s.s. # because his name was listed first. he talked to agent and company and asked for them to issue a corrected 1099 showing 1/3 of this to him and 2/3 to dad. they refused. so i am issuing a 1099 MISC for the 2/3 amount going to dad from son. my ? is how to show on the Sch F for son - do I show 362,367 on Line 8 (he wants to defer to next year) If I do, big problem next year when he only shows $120,789 as income or do I show this year only $120,789 as amount deferred? Does it make a difference if dad defers or not defers?? of course, today is deadline - thanks for your help. i'm not doing dad's return

[kcjenkins]

Show only his share as deferred, and then deduct the amount he 1099's to Dad as an expense on his F.