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As farmers approach retirement their two biggest concerns are generally equipment sales and carryover grain. Selling farmland on contract works well in this scenario, but equipment sales are generally not treated in the same fashion given that the equipment is usually fully depreciated at the time of the sale.
If enacted with no graduated rates, this would result in an overall 87% tax increase for many farm corporations from the old 15% rate on the first $50,000 of taxable income to 28%. This could affect many farmland partnerships. The proposal indicates that any assets inherited by a spouse will get a carryover basis, thus no step-up.
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