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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.
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. It would make the excess business loss EBL rules permanent, however, it appears to still allow it as part of the net operating loss carryover instead of becoming part of the EBL.
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