A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of an involuntary conversion of real property to which the special farm valuation provisions of the Federal estate tax apply.

referredUnited States· United States Congress· EN

Introduced

22 May 1978

Last action

—

Status

Referred to Senate Committee on Finance.

Summary

Amends the Internal Revenue Code to limit, at the taxpayer's election, the recapture of estate taxes not paid on specially valuated farm real property in cases of involuntary conversions to so much of the amount realized on the conversion as is not reinvested in replacement property. Provides for an upward adjustment the carried-over basis of such property to the extent that additional estate taxes are assessed.

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Documents

1 official file

Introduced in Senate
summary · EN · 22 May 1978
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/95th-congress/senate-bill/3125
Open data entity: https://api.congress.gov/v3/bill/95/s/3125