Family Business, Ranch, and Farm Protection Act of 1980

Summary

Family Business, Ranch, and Farm Protection Act of 1980 - Amends the Internal Revenue Code to reduce the value of any jointly held interest in a decedent's gross estate by up to 50 percent (not to exceed $500,000) of any real or tangible property devoted to use as a farm or to use in any other trade or business where the decedent's spouse and/or children materially participated in the operation of such farm, trade, or business. Specifies a formula for the computation of the special value of any such interest. Imposes an additional tax to recapture any such tax benefits should the spouse and/or child dispose of any interest in such property within five years following the decedent's death.

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Timeline

1. 18 February 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 18 February 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 February 1981

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 18 February 1981

  Open at official source

Sponsors

• Rep. Kramer, Ken [R-CO-5] · R · Sponsor
• · hswm00 · Standing

Related records

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