Family Business, Ranch, and Farm Protection Act of 1981

Summary

Family Business, Ranch, and Farm Protection Act of 1981 - 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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1 official file

• Introduced in House

  summary · EN · 20 January 1981

  Open at official source

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