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Congressman J. Kenneth Robinson said last week that congressional hearings scheduled for next month “give hope that Congress may be moving toward correction of an unwise estate tax action which could threaten the continuity of family farm ownership”.
‘Carryover basis’ is a term little understood outside tax lawyer and accountant circles, but this principle, written into the so-called Tax Reform Act of 1976, could defeat the efforts of farm families to keep their agricultural homesteads in the hands of children and grandchildren when the elders die,” the 7th District Representative warned in speaking at the annual meeting of the Shenandoah County Farm Bureau at the W. W. Robinson Elementary School in Woodstock on Saturday.
“It is heartening that Chairman A1 Ullman of the House Ways and Means Committee finally has recognized the breadth of conern about his tax law change and has set hearings to start November 13,” he said, adding:
“Although I am not a member of the committee, I am one of the sponsors of a bill to repeal the carryover basis, and I intend to file a statement at the hearing.
“The 1976 provision is due to go into effect with respect
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