There have been questions about the treatment of stepped-up basis in the budget reconciliation bill. Minnesota Senator Tina Smith said this provision will not impact farmers who operating their own land or renting it out. “I understand why farmers are worried this because they may look a lot wealthier on paper than they do day-to-day. It is very important to understand that if your land is being worked, you are not going to have tax increases on that land.”
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