An important update now for those of you concerned about stepped up basis.
Ag Secretary Tom Vilsack says that he will talk to the Treasury Department about why it is important to farm families. He made the comments while testifying on the USDA budget to the House Ag Appropriations Committee.
Vilsack said that under current law stepped up basis is only an issue when heirs want to sell the family farm, but a Senate proposal would tax all inherited property over a million dollars with no step up in basis.
Related:
Change to the tax code could be the death of multi-generational farms
Ag CPA on potential changes to estate tax
Concerns mount over potential elimination of stepped up basis in new tax bill