North Dakota Senator John Hoeven went to the Senate floor Wednesday, outlining his opposition to the White House’s tax proposal. Hoeven cited the administration’s plan to eliminate stepped-up basis for farmers and ranchers. “Under current law when passing down a family farm or ranch to the next generation, the tax basis is stepped-up to fair market value preventing a large tax bill for the next generation of farmers.” Hoeven said the use of 1031 like-kind exchanges is also in jeopardy.
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