An ag law expert said the removal of the stepped-up basis could be ‘devastating’ for farmers.

Attorney Connie Haden based in Columbia, Missouri tells Brownfield removing the stepped-up basis would force one of two actions from many farmers…

“If we have some time to react, a lot of land will change hands or, if it goes into effect and we don’t have time to react, the worst-case scenario is that we have to pay tax on that capital gains tax at death then a lot of land may have to be sold to actually fund that tax bill,” she said.

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