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Farm leaders pleased no change to stepped-up basis but other issues remain
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Farm leaders pleased no change to stepped-up basis but other issues remain
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NOT A COUNCIL WAR (YET) — TEAMSTERS BACK ALEXI — Q&A WITH KEVIN MORRISON — SCHOOL BOARD UPDATE
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Use of like-kind exchanges could be at risk under Biden tax plan
Under Biden s proposal, future Section 1031 exchanges could be used to defer taxes on gains of no more than $500,000, a cap that would fall particularly hard on states such as California, Illinois and Iowa that have relatively high farmland values.
Written By:
Philip Brasher / Agri-Pulse Communications | 9:49 am, May 13, 2021 ×
Like-kind exchanges typically work like this: A farmer who sells a piece of property and then buys a second piece of property doesn’t have to pay capital gains on the first tract until the second one is sold, and the farmer won’t owe any taxes if he or she dies without selling the second tract. (Agri-Pulse photo)