Agreed. That step up in basis can be a HUGE deal. The company I work for right how has been in existence since the 1950s. The land the company sits on only has a basis of $10,000 but has a market value of well over $800,000 (the city has grown up around us). To sell it we are looking at depreciation recapture on the buildings and capital gains taxes on the remainder. Selling it will cost us well over $200,000. We won't move because of the taxes.
I know some people will say "My kids will never sell it" but things change. Someday the federal government (or state or county) says we are taking the property through eminent domain or you can sell willingly for this price or the neighbor across the road puts in a 1,000 sow farrowing house.
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Today's Featured Article - Reflections of the Fifties - by "Country" Elliott. I remember rowing up in the 1950�s in a small, rural town in northwestern New Jersey. The closest town to ours was only 3 miles away, and there were seven dairy farms in the areas of these two country towns. We had 5 acres, and because my Dad was a salesman and not a dairy farmer, he let the Bockovens, who owned the Willow Tree Dairy farm most of our land.
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