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Implications Of The Tax Reform Act Of 1976 For Farm Estate Planning

Author

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  • Roush, Clint E.
  • Mapp, Harry P., Jr.
  • Maynard, Cecil D.

Abstract

An intergeneration transfer simulation model is used to project estate transfer costs and the value of transfers to the heirs before and after the tax reform act of 1976. Lower Federal estate taxes result for estates that qualify for the special use valuation of farmland provision of the new law. Replacing the $60,000 estate exemption with the $47,000 estate tax credit and revising the tax rate schedule increases Federal estate taxes when the taxable estate is between $1.175 million and $9.353 million. The new carryover basis rules for estate assets acquired from decedents dying after 1979 also increase transfer costs.

Suggested Citation

  • Roush, Clint E. & Mapp, Harry P., Jr. & Maynard, Cecil D., 1979. "Implications Of The Tax Reform Act Of 1976 For Farm Estate Planning," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 4(2), pages 1-14, December.
    • Handle: RePEc:ags:wjagec:32288
    DOI: 10.22004/ag.econ.32288
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    References listed on IDEAS

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    1. Harl, Neil Eugene, 1965. "Identification and measurement of selected legal-economic effects of the corporate form of business organization upon a small, closely-held firm," ISU General Staff Papers 196501010800005010, Iowa State University, Department of Economics.
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    Cited by:

    1. Walker, Odell L. & Hardin, Mike L. & Mapp, Harry P., Jr. & Roush, Clint E., 1979. "Farm Growth And Estate Transfer In An Uncertain Environment," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 11(1), pages 1-12, July.

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    Keywords

    Agricultural Finance;

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