Publisher's Synopsis
Excerpt from Description of Additional Estate and Gift Tax Bills (S. 23, S. 557, and S. 995): Scheduled for a Hearing Before the Subcommittee on Estate and Gift Taxation of the Senate Committee on Finance, on June 5, 1981
For estate tax purposes, real property must ordinarily be valued at its highest and best use. If certain requirements are met, however, present law allows family farms and real property used in a closely held business to be included in a decedent's gross estate at current use value rather than full fair market value, provided that the gross estate may not be reduced more than (code sec. Zo3za). In general, the current use valuation may be determined under a multiple factor approval or by a capitalization of income formula that is primarily based on cash rentals for comparable farm land. The bill would provide that if there is no comparable land from which to determine the average gross cash rental, then the average net share rental could be substituted for the average gross cash rental in applying the formula method of valuation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
