WebThe basis of inherited property is generally equal to its fair market value at the date of the decedent's death. IRC § 1014(a)(1). However, if there is an IRC Section 2032A election, the basis of property acquired from a decedent is the value as determined under IRC Section 2032A. The Tax Court held that the siblings were stuck with the lower ... WebAn election under section 2032A need not include all real property in-cluded in an estate which is eligible for special use valuation, but sufficient property to satisfy the threshold re-quirements of section 2032A(b)(1)(B) must be specially valued under the election. If joint or undivided interests (e.g. interests as joint tenants or ten-
Section 2032A — Special Use Valuation (Portfolio 833)
WebSep 22, 2024 · To break down Section 2032A, let's look at a 1,500-acre farm with land values of $10,000 an acre, putting the fair market value of the land at $15 million. The IRS … WebIRC Section 2032A Special use valuation provision that allows the value included in the decedent's gross estate to be the current use value of the property, subject to a limitation that the highest and best use value cannot be reduced by more than $1,140,000 in … shark\u0027s tooth golf course florida
Special-use valuation per IRC §2032A
WebMar 26, 2016 · The special use valuation election allows you to value real estate at its actual use rather than its best use under certain circumstances. Section 2032A of the Internal Revenue Code allows you to value the decedent’s real property that was used in the operation of a family farm or closely held business at its farm or business use rather than ... WebAug 29, 2024 · Special Use Value: Farms: Interest Rates. The 2024 interest rates to be used in computing the special use value of farm real property for which an election is made … WebTaxation: Valuation of Farmland for Estate Tax Purposes, Qualifying for I.R.C. § 2032A Special Use Valuation I. Introduction II. Background of 2032A III. Qualification Requirements A. Citizen or Resident B. Qualified Real Property 1. "Acquired from or passed from" the Decedent 2. Member of the Family C. Percentage Tests 1. shark uk warranty registration