Election To Pay in Installments Tax on Gain From Certain Farmland Property

Bottom Line

💡 Election To Pay in Installments Tax on Gain From Certain Farmland Property. Worth reviewing for potential client impact.

Summary

[Proposed Rule] This document contains proposed regulations regarding the statutory election to pay in four equal annual installments the tax on the gain from the sale or exchange of qualified farmland property to a qualified farmer. The proposed regulations would affect taxpayers who sell or exchange qualified farmland to a qualified farmer and elect to pay the tax on the gain from that sale or exchange in equal annual installments over four years.

Classification

Applies To

Affected Groups

Individual return preparers

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