So to save the cost of Estate tax when you die, the land you leave for your kids will be accrueing taxes on inflation at a 55% rate instead of the new capital gains rate of 20%?    That sounds even worse than holding land in a corporation subject to 35% capital gains.

Am I looking at this wrong?

Can't your trustee sell the land and put the money in a bank against the wishes of your children?   That happened to someone here on NAT.