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TRS REGULATIONS INCREASING IMPUTED INTEREST

RATES AND INTERPRETING ESTATE TAX LAW
CONCERNING VALUATION OF FAMILY FARM AND
OTHER BUSINESS PROPERTIES

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COMMITTEE ON FINANCE

ROBERT J. DOLE, Kansas, Chairman BOB PACKWOOD, Oregon

RUSSELL B. LONG, Louisiana WILLIAM V. ROTH, JR., Delaware

HARRY F. BYRD, JR., Virginia JOHN C. DANFORTH, Missouri

LLOYD BENTSEN, Texas JOHN H. CHAFEE, Rhode Island

SPARK M. MATSUNAGA, Hawaii JOHN HEINZ, Pennsylvania

DANIEL PATRICK MOYNIHAN, New York MALCOLM WALLOP, Wyoming

MAX BAUCUS, Montana DAVID DURENBERGER, Minnesota

DAVID L. BOREN, Oklahoma WILLIAM L. ARMSTRONG, Colorado

BILL BRADLEY, New Jersey STEVEN D. SYMMS, Idaho

GEORGE J. MITCHELL, Maine
CHARLES E. GRASSLEY, Iowa

ROBERT E. LIGHTHIZER, Chief Counsel
MICHAEL STERN, Minority Staff Director

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CONTENTS

ADMINISTRATION WITNESSES

Egger, Roscoe L., Commissioner of Internal Revenue
Chapoton, John E., Assistant Secretary of the Treasury for Tax Policy

Page
29
36

89

Andrews, Mark, U.S. Senator, North Dakota......
American Farm Bureau Federation, Dean Kleckner, president
Benedict, Howard, New Haven, Conn....
Duff Farm Management Service, Lebanon, Ind., Jay D. Luse
Ely, Bert, president, Ely & Co., Roanoke, Va.......
Furleigh, Robert, Clear Lake, Iowa .....
Harl, Neil E. accompanied by Prof. Charles F. Curtiss, Iowa State University ..
Hasbargen, Prof. Paul, University of Minnesota....
Hutton, David J., Hutton, Kennedy & Neaton, Minneapolis, Minn.
Iowa Farm Bureau Federation, Dean Kleckner, president....
Jones, Kent, commissioner of agriculture, North Dakota......
Kleckner, Dean, president, Iowa Farm Bureau Federation..
Kobell, Mrs. Ruth E., legislative assistant, National Farmers Union, accompa-

nied by Susan McDowell of the National Grange.........
Luse, Jay D., Duff Farm Management Service, Lebanon, Ind.
Melcher, John, Senator, Montana
National Association of Wheat Growers, Helen Timmerman, chairman
National Farmers Union, Ruth E. Kobell accompanied by Susan McDowell of

the National Grange.
Ridenour, Philip D., Cimarron, Kans........
Timmerman, Helen, chairman, National Association of Wheat Growers.

162
130
134
130

73

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Prepared statement of David J. Hutton
Prepared statement of Bert Ely.
Prepared statement of Howard Benedict
National Association of Realtors, statement, Howard Benedict.
Prepared statement of Ruth E. Kobell, Susan K. McDowell and Ann

Bornstein...
Rosen, Dennis, director of the Wisconsin Farmers Union.

Page 177 187 200 200

205 217

COMMUNICATIONS
Letter to Representative Ron Marlenee from Bruce M. Brown, Esq., Miles

City, Mont...
American Bankers Association, statement of......
Krahmer, Attorney Fred C ....

224 225 244

IRS REGULATIONS INCREASING IMPUTED INTEREST RATES AND INTERPRETING ESTATE TAX LAW CONCERNING VALUATION OF FAMILY FARM AND OTHER BUSINESS PROPERTIES

MONDAY, APRIL 27, 1981

U.S. SENATE,
SUBCOMMITTEE ON OVERSIGHT OF
THE INTERNAL REVENUE SERVICE
OF THE COMMITTEE ON FINANCE,

Washington, D.C. The subcommittee met, pursuant to notice, at 1 p.m., in room 2221, Dirksen Senate Office Building, Hon. Charles E. Grassley (chairman of the subcommittee) presiding.

Present: Senators Grassley, Durenberger, Byrd, and Bentsen.

[The committee press release, the background on regulations under sections 482, 483, and 2032A of the Internal Revenue Code and the prepared statement of Congressman Tom Daschle follow:]

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