Posted 6/30/2020 07:15 (#8344667 - in reply to #8344635) Subject: RE: I guess stepped up basis is considered a loophole
Boone Co. Iowa
Sounds like you are afraid of losing massive amounts of $$ in taxes. Extremely burdensome sounds like a lot anyway.
Have you benefited from subsidized crop insurance, MFP, COVID payments, etc.? Bumped up against the limit of $250K or $750K for any of those programs? I personally think subsidized crop insurance makes sense, but these other payments are over the top.
It might be bad for certain individuals, but a younger generation might be glad to see farmland change hands every generation.
Not trying to be a Richard cause I really enjoy your posts and I know you bring a lot to this forum and your goal is to educate and inform. Iowa had 11 Congressional Representatives in 1933, now we have 4. Soon we will have 2-3 owners farming entire counties in Iowa.