Special Estate Tax Provisions for Farmers Should be Simplified to Achieve Fair Distribution of Benefits: ReportU.S. General Accounting Office, 1981 - 89 lappuses |
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1.–5. rezultāts no 31.
iii. lappuse
... valuation , which is a potential source of sizable tax savings for qualifying estates , is a highly complex provision . By lowering the value of an estate below its fair market value , the provision lowers the tax owed by the estate ...
... valuation , which is a potential source of sizable tax savings for qualifying estates , is a highly complex provision . By lowering the value of an estate below its fair market value , the provision lowers the tax owed by the estate ...
iv. lappuse
... market interest rate of 4 percent . This provi- sion's qualification requirements are more easily met than those for ... value typically are 40 to 70 percent of the fair market value of an estate . GAO found that on average each estate ...
... market interest rate of 4 percent . This provi- sion's qualification requirements are more easily met than those for ... value typically are 40 to 70 percent of the fair market value of an estate . GAO found that on average each estate ...
6. lappuse
... value of property included in the gross estate of a decedent was the fair market value of the property interest on either the date of the dece- dent's death or , if the alternate valuation was selected , 6 months after the decedent's ...
... value of property included in the gross estate of a decedent was the fair market value of the property interest on either the date of the dece- dent's death or , if the alternate valuation was selected , 6 months after the decedent's ...
7. lappuse
... fair market value . The expected use that corresponds to the higher price is known as the " highest and best use ... value qualifying farmland for estate tax pur- poses at its value in agricultural use , its so - called use value ...
... fair market value . The expected use that corresponds to the higher price is known as the " highest and best use ... value qualifying farmland for estate tax pur- poses at its value in agricultural use , its so - called use value ...
9. lappuse
... fair market value , not its special use value . Qualifying real property Real property may qualify for special use valuation if it is located in the United States and is devoted to farm use . In general a " farm " includes current ...
... fair market value , not its special use value . Qualifying real property Real property may qualify for special use valuation if it is located in the United States and is devoted to farm use . In general a " farm " includes current ...
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adjusted gross estate administration APPENDIX III APPENDIX attorneys average farm benefits capitalization cash rent cash rental Castro County Chariton County closely-held business Comanche County Congress costs crop share decedent decedent's death deferred and installment discount rate draft report effective electing special ERTA estate and gift estate planning estate tax provisions estate tax returns estate's estates electing estates valued estimated executor fair market value farm estates farm income farm operation farmers Federal estate tax gift tax highest and best illiquid increased inheritors installment payment provisions interest rate interviewed Kit Carson County landowner lease lien loan Logan County marital deduction material participation requirements Monterey County Office owners problems qualified heir real property recapture reduced San Joaquin County share rental small farms sold special estate tax special use valuation tax deferral tax rate Tax Reform Act tax saving taxable estate tenant treatment of farm unified credit valuation law
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6. lappuse - The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.
9. lappuse - ... residential buildings, and related improvements located on qualifying real property if such buildings are occupied on a regular basis by the owner or lessee of the real property (or by employees of the owner or lessee) for the purpose of operating or maintaining the real property or the business conducted on the property.
10. lappuse - If, within 15 years after the death of the decedent (but before the death of the qualified heir), the property is disposed of to nonfamily members or ceases to be used for farming or other closely held business purposes, all or a portion of the Federal estate tax benefits obtained by virtue of the reduced valuation will be recaptured by means of a special "additional estate tax" imposed on the qualified heir.
84. lappuse - Material participation shall be determined in a manner similar to the manner used for purposes of paragraph (1) of section 1402(a) (relating to net earnings from selfemployment).
11. lappuse - In some cases, the greater estate tax burden makes continuation of farming, or the closely held business activities, not feasible because the income potential from these activities is insufficient to service extended tax payments or loans obtained to pay the tax. Thus, the heirs may be forced to sell the land for development purposes.
8. lappuse - The capitalization of income which the property can be expected to yield for farming or closely held business purposes over a reasonable period of time under prudent management using traditional cropping patterns for the area, taking into account soil capacity, terrain configuration, and similar factors...
39. lappuse - ... (ii) The average annual effective interest rate for all new Federal Land Bank loans. For purposes of this rule, each average annual computation is to be made on the basis of the 5 most recent calendar years ending before the date of the decedent's death. The special farm valuation method is provided to permit the executor, in many situations, to achieve a substantial amount of certainty in arriving at use valuation for farmland as well as to eliminate nonfarm factors in valuing farmland. Since...
11. lappuse - Valuation on the basis of highest and best use, rather than actual use, may result in the imposition of substantially higher estate taxes. In some cases, the greater estate tax burden makes continuation of farming, or the...
6. lappuse - ... business (including a farm). Under this provision, the executor can elect to defer principal payments for up to 5 years from the due date of the estate tax return. However, interest for the first 5 years is payable annually.
9. lappuse - Qualified real property also includes roads, buildings, and other structures and improvements functionally related to the qualified use. On the other hand, elements of value which are not related to the farm or business use (such as mineral rights) are not to be eligible for special use valuation. For example, if there is an oil lease on a farm, the full value of the lease is to be taken into account for estate tax purposes. Similarly, if there are buildings or other improvements on (or contiguous...