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SC Nebraska | Ok. First off there is no inheritance tax at the Federal level. It is an estate tax.
You have the gain figured correctly based on your hypothetical numbers.
The 55% is the top bracket. At the level you are talking about the estate would be in a 43% tax bracket. If I calculated correctly the estate tax would be $199,680.
Also you have to look out as most states have an estate or inheritance tax.
I would suggest you check into an Irrevocable Trust. Allows for income for your grandma until she passes, helps to avoid estate tax down the road. Any decent lawyer and CPA should be able to help you out.
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Inheritance tax on Farmland ?
