Estate of James U. Thompson, Deceased Susan T. Taylor, Personal Representative v. Commissioner of Internal Revenue

As to the general purposes of I.R.C. § 2032A, I have no quarrel with the majority. Congress clearly intended that the family farm not be encumbered by a federal estate tax calculated on the farm property’s fair market value. The question here, however, is what method of valuation Congress intended when the family farm no longer retains its family character. The majority would apply favorable tax treatment under § 2032A even when a part of the family farm is left in the form of a beneficial or income interest to non-family members.

I disagree. I do so, however, with an appreciation for the fact…