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4. F49: In 8/17
VIRS 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

SUBCOMMITTEE ON OVERSIGHT OF THE INTERNAL REVENUE SERVICE

Charles E. Grassley, Iowa, Chairman

Max Baucus, Montana

Robert J. Dole, Kansas

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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

PUBLIC WITNESSES

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

32
130
181
159
180
157
85
89
162
130
134
130

183
159

38
132

183
160
132

ADDITIONAL INFORMATION

2

41
24
45
49
54

Committee press release ..
Joint Committee Print, “Background on Regulations Under Sections 482, 483,

and 2032A of the Internal Revenue Code.......
Prepared statement of Senator Mark Andrews, N. Dak.
Appendix to testimony of Bert Ely, impact of change of interest.
Prepared statement of Representative Tom Daschle, South Dakota..
Prepared statement of Senator Robert J. Dole.
Prepared statement of Senator Dave Durenberger
Prepared statement of Senator John Melcher of Montana
Letter to Sen. Charles E. Grassley, from John E. Chapoton, Assistant Secre

tary of the Treasury
Joint statement, John E. Chapoton, Assistant Secretary of the Treasury and

Roscoe L. Egger, Commissioner of Internal Revenue...
Prepared statement of Neil E. Harl.
Prepared statement of Paul R. Hasbargen
Prepared statement of Dean Kleckner
Prepared statement of Helen Timmerman .......
Prepared statement of Kent Jones ..
Prepared statement of Sen. Bob Dole, introduction of Philip Ridenour
Prepared statement of Bob Furleigh.
Prepared statement of Jay D. Luse ..
Prepared statement of Philip Ridenour....

77
97
119
138
143
152
160
166
170
176

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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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