PLR 201015003: Estate May Elect Special Use Valuation for Farm Property; Farm Property May Be Qualified Family Owned Business Interest; Estate Liable for Penalty for Late-Filed Return

In PLR 201015003, the IRS ruled that an estate is allowed to elect special use valuation under Section 2032A for farm property, that the estate may elect to have the farm property treated as Qualified Family-Owned Business Interest under Section 2057, and that the estate's late-filed return subjected it to penalties.


See also IRS Rules on Tax Consequences of Estate's Untimely Filing, 2010 TNT 74-48, April 19, 2010.

Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal.