S 1761
100th Congress
Senate
Taxation
Agricultural economics
Agriculture and Rural Affairs
Domestic Relations and Families
Estate tax
Families
Family farms
Farm lands
Farms
Leases
Valuation
Widowers
Widows
A bill to amend the Internal Revenue Code of 1986 to provide that a decedent's spouse may enter into a cash lease of farm and other real property with family members and still qualify for the special estate tax valuation of the property.
Introduced: October 7, 1987
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 7, 1987
Read twice and referred to the Committee on Finance.
Oct 7, 1987
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code with respect to the valuation of farm land for estate tax purposes. Permits a decedent's spouse who acquires farm and other real property as a result of the decedent's death to enter into a cash lease of such property with a family member and still have the property valued under use value principles rather than according to its highest and best use.
Applies retroactively to leases for periods after December 31, 1976, of qualified real property of decedents dying after the same date.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1