A bill to amend the Internal Revenue Code of 1986 to defer estate taxes on family farms and businesses.

Summary

Amends the Internal Revenue Code to defer estate taxes on small family farms and businesses worth less than $50 million until six months after: (1) the disposition of 40 percent or more of the value of the farm or business to nonfamily members; (2) the disposition of 60 percent or more of the farm or business to a family member who is not a qualified heir; (3) the management or control of such assets belongs to a nonfamily member for 270 consecutive days or longer; or (4) the cessation of the use of the assets in a qualified farm, trade, or business. Limits such estate taxes to the present value of the assets.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 October 1992

  Open at official source

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