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What about the value of my family business/farm?

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Summary:

Generally, the fair market value of such interests owned by the decedent are includible in the gross estate at date of death.

Answer:

Generally, the fair market value of such interests owned by the decedent are includible in the gross estate at date of death. However, for certain farms operated as a family farm, reductions to these amounts may be available.

In the case of a qualifying Family Farm, IRC 2032A allows a reduction from value of up to $1,070,000.

A similar deduction for a qualifying family owned business (IRC 2057) was revoked beginning in 2004.

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