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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Ish who wrote (36947)	9/14/2000 9:52:54 PM
From: TigerPaw	Read Replies (2) \| Respond to of 769670

mostly borrowed against. Almost paid off The first $340 /acre would be free of tax. Assume it was $1000/acre land then tax would be owed on $3,100,000. So the estate tax would shave off about 1000 acres leaving a multimillion dollar farm. They must have been leveraged a lot larger than you imply or the farm must have been subdivided among several heirs who decided to take the cash instead of the land. Selling off about 1/3 of the Kelley farm implies it was at least a 4 million dollar estate with almost no cost basis. That's not your little plot of dirt. This is opportunity tax of the fairest kind. It is a tax on the gains made possible by government policies as well as the sweat of the brow, and it certainly didn't leave anyone homeless and destitute. TP