“(a) General Rule.—In the case of any person, sections 2 and 3 of this Act shall not apply with respect to any land acquired by such person after February 23, 1983, unless such land was acquired in a qualified acquisition.
“(b) Qualified Acquisition.—For purposes of this section, the term ‘qualified acquisition’ means any acquisition—“(1) by reason of the death of a qualified transferor,
“(2) by reason of a gift from a qualified transferor, or
“(3) from a qualified transferor who is a member of the family of the person acquiring the land.
“(c) Definitions and Special Rules.—For purposes of this section—“(1) Qualified transferor.—The term ‘qualified transferor’ means any person—“(A) who held the land on February 23, 1983, or
“(B) who acquired the land after February 23, 1983, in a qualified acquisition.
“(2) Member of family.—The term ‘member of the family’ has the meaning given such term by section 2032A(e)(2) of the Internal Revenue Code of 1986.
“(3) Mere change in form of business.—Subsection (a) shall not apply to any change in ownership by reason of a mere change in the form of conducting the trade or business so long as the land is retained in such trade or business and the person holding the land before such change retains a direct or indirect 80-percent interest in such land.
“(4) Treatment of certain acquisitions of right to the crop.—The acquisition of a direct or indirect interest in 80 percent or more of the crop from any land shall be treated as an acquisition of such land.
Take Action
Your position
Add a comment
to comment on this section.
Annotate the text
Highlight any passage on the Full Text tab to attach a note. Annotations appear on the Annotations tab.