IRS Regulations Increasing Imputed Interest Rates and Interpreting Estate Tax Law Concerning Valuation of Family Farm and Other Business Properties: Hearing Before the Subcommittee on Oversight of the Internal Revenue Service of the Committee on Finance, United States Senate, Ninety-seventh Congress, First Session, April 27, 1981U.S. Government Printing Office, 1981 - 256 lappuses |
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9 percent acre agricultural annual April 27 areas beginning farmers Boehne buyer capital gains cash rent cash rental Chairman CHAPOTON CONGRESS THE LIBRARY contract contract for deed crop share decedent deduction deferred payment effect EGGER election estate tax fair market value family farm family members Farm Bureau Farmers Union farming operation farmland federal estate tax Federal Land Bank final regulations gift tax gross estate imputed interest rates increase installment sales Internal Revenue Code Internal Revenue Service interpretation Iowa IRS regulations issue KRAHMER land prices LIBRARY OF CONGRESS loans material participation minimum interest rate minimum rate Minnesota mortgage National Farmers Union North Dakota problem proposed regulations purchase qualified heir rate of interest real property regulations under section sales price section 482 seller selling Senator DURENBERGER Senator GRASSLEY special use valuation statement SUBCOMMITTEE ON OVERSIGHT taxpayers test rate testimony Thank tion trade or business transactions Treasury
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240. lappuse - (B) 25 percent or more of the adjusted value of the gross estate consists of the adjusted value of real property which meets the requirements of subparagraphs (A)(ii) and (C), (C) during the 8-year period ending on the date of the decedent's death there have been periods aggregating 5 years or more during
239. lappuse - (A) 50 percent or more of the adjusted value of the gross estate consists of the adjusted value of real or personal property which- .. . (i) on the date of the decedent's death was being used for a qualified use, and (ii) was acquired from or passed from the decedent to a qualified heir of the decedent.
170. lappuse - the formula provided by subparagraph (A) shall not be used - (i) where it is established that there is no comparable land from which the average annual gross cash rental may be determined, or (ii) where the executor elects to have the value of the farm for farming purposes determined under
239. lappuse - qualified real property" means real "property located in the United States which was acquired from or passed from the decedent to a qualified heir of the decedent and which, on the date of the decedent's death, was being used for a qualified use, but only if-.
245. lappuse - such real property was owned by the decedent or a member of the decedent's family and used for a qualified use, and (ii) there was material participation by the decedent or a member of the decedent's family in the operation of the farm or other business, and (D) such real property is designated in the agreement referred to in subsection (d)(2).
244. lappuse - was acquired from or passed from the decedent to a qualified heir of the decedent to a qualified heir of the decedent and which, on the date of the decedent's death, was being used for a qualified use, but only if
244. lappuse - (b) Qualified Real Property (1) In General. - For purposes of this section, the term, "qualified real property" means real property located in the United States which was acquired from or passed from the decedent to a qualified heir of the decedent
159. lappuse - for unpaid mortgages on or any indebtedness in respect of property where the value of the decedent's interest therein is included in the value of the gross estate.
18. lappuse - similarity of soil as determined by any objective means, including an official soil survey reflected in a soil productivity index; (2) whether the crops grown are such as would deplete the soil in a similar manner; (3) the types of soil conservation techniques that have been practiced on the two properties; (5) the slope of the
236. lappuse - [The Act] provides that if certain conditions are met, the executor may elect to value qualified real property on the basis of such property's value in its current use rather than on the basis of its highest and best use.