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United States · Bill · HR

H.R. 5408 (96th)

A bill to amend the Internal Revenue Code of 1954 with respect to the special valuation of farm property for purposes of the estate tax.

referredUnited States· United States Congress· EN

Introduced

26 September 1979

Last action

26 September 1979 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Madigan, Edward R. [R-IL-15], Rep. Sebelius, Keith G. [R-KS-1], Rep. Duncan, John J. [R-TN-2], Rep. Traxler, Bob [D-MI-8], Rep. Heckler, Margaret M. [R-MA-10], Rep. Jacobs, Andrew, Jr. [D-IN-10], Rep. Moore, W. Henson [R-LA-6], Rep. Coelho, Anthony Lee [D-CA-15], Rep. Broyhill, James T. [R-NC-10], Rep. Johnson, James P. (Jim) [R-CO-4], Sen. Andrews, Mark [R-ND], Rep. Railsback, Thomas F. [R-IL-19], Rep. O'Brien, George M. [R-IL-4], Rep. Corcoran, Tom [R-IL-14], Sen. Lott, Trent [R-MS], Rep. Coleman, E. Thomas [R-MO-6], Rep. Whittaker, Bob [R-KS-5], Rep. Marlenee, Ron [R-MT-2], Rep. Hopkins, Larry J. [R-KY-6], Rep. Erdahl, Arlen [R-MN-1], Rep. Solomon, Gerald B. H. [R-NY-22], Sen. Grassley, Chuck [R-IA], Rep. Findley, Paul [R-IL-20], Rep. Nolan, Richard M. [D-MN-8], Sen. Symms, Steven D. [R-ID], Rep. Panetta, Leon [D-CA-16], Rep. Anthony, Beryl, Jr. [D-AR-4], Rep. Tauke, Thomas Joseph [R-IA-2], Rep. Leach, Claude (Buddy), Jr. [D-LA-4], Rep. Fazio, Vic [D-CA-3], Rep. Bedell, Berkley W. [D-IA-6], Rep. de la Garza, E. [D-TX-15], Rep. Jenrette, John W., Jr. [D-SC-6], Rep. Dougherty, Charles F. [R-PA-4], Rep. Glickman, Dan [D-KS-4]

Subjects

Taxation

Source updated

7 February 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code with respect to the method of valuing farms for estate tax purposes to provide that if there is no comparable land from which the average annual gross rental may be determined but there is comparable land from which the average net share rental may be determined, then the existing valuation formula shall be applied by substituting "average net share rental" for "average gross cash rental. Defines net share rental as the excess of: (1) the value of the produce received by the lessor under a lease of the land on which such produce is grown, over (2) the cash operating expenses of growing such produce which, under the lease, are paid by the lessor.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 26 September 1979

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 26 September 1979

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 26 September 1979

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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