A bill to clarify the application of section 2032A of the Internal Revenue Code of 1954 with respect to qualification of certain property for valuation based on use, and for other purposes.

Summary

Allows the special use valuation of farms and business real property for estate tax purposes for real property which is put to any use by a qualified heir pursuant to a rental by such heir. Amends the Internal Revenue Code to qualify estates for such valuation if the decedent or decedent's spouse materially participated in the operation of the farm or business for five out of the eight years preceding the decedent's death.

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Documents

1 official file

• Introduced in House

  summary · EN · 24 March 1981

  Open at official source

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