The Internal Revenue Service is proposing significant changes to current tax rules pertaining to intra-family transfers of assets through estate plans. If the proposed changes to the estate valuation rules go into effect, farmers and ranchers who operate family owned partnerships, LLCs or corporations would lose a valuable estate planning tool and could, as a result, face increased estate taxes.
Farm Bureau members are urged to weigh in on this issue and send comments to the IRS before Nov. 2. Visit the AFBF Action Alert page online for more information and to comment.
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