WASHINGTON, Sept. 29 -- Internal Revenue Service has issued a proposed rule called: Election To Pay in Installments Tax on Gain From Certain Farmland Property.
The proposed rule was published in the Federal Register on Sept. 29 by Frank J. Bisignano, Chief Executive Officer.
Summary: This document contains proposed regulations regarding the statutory election to pay in four equal annual installments the tax on the gain from the sale or exchange of qualified farmland property to a qualified farmer. The proposed regulations would affect taxpayers who sell or exchange qualified farmland to a qualified farmer and elect to pay the tax on the gain from that sale or exchange in equal annual installments over four years.
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