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 - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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