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to estates of persons dying after December 31 of this year. It would mean that heirs of peoperty, including forms, would be required, when selling all or part, to pay capital gains fax based on the difference between the value when first acquired by the deceased party—probably many years back—and the price received at sale.
“The old law, to which I believe we should return, would determine the gain to be the difference between the value when the property was inherited and when it was sold. That was regarded as a ‘tax loophole’ for the wealthy by those who pushed through the change in 1976. But, with farmland prices at present levels, a family does not need great wealth, in real terms, to get caught in the ‘carryover basis’ trap, particularly when transactions between heirs are necessary if someone in the family is to be able to continue farming the home place.”
In addition to House committee hearings, Robinson noted that the Senate had tacked a repealer of the "carryover basis” provision to its version of the oil windfall profits legislation.
“This reflects a favorable position of the Senate on the matter, but I doubt that the House would be willing to deal with the problem without hearings by its own tax committee,” he said.
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