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Non-Tech : Who Really Pays Taxes? -- Ignore unavailable to you. Want to Upgrade?

To: Gordon A. Langston who wrote (34)	8/13/2000 4:23:43 PM
From: Shoot1st	Read Replies (1) \| Respond to of 666

if the inherited farm is not farmed by that generation is then receives a "best use" appraisal. This causes an evaluation far in excess of what was presumed prior to death. Of course if you take a $600,000 farm and sell it after death for 3 million because there is a bunch of condos to be built.....even after the tax......there is a substantial gain for the heirs. There is also a step up in basis which eliminates capital gains. There used to be available, Sec. 6166 for financing the taxes. Not sure this exists anymore. I've been out of the link for 7 years so this is memory. At least this is the way it was when I was "in the biz" Usually farms are lost after death due to insufficient capitalization. Meaning, the heirs can't make a go of the farm and at the same time deal with the loss of the principle worker and those costs associated with his/her death. Shootie