TREASURY, IRS ISSUE PROPOSED REGULATIONS ON INSTALLMENT PAYMENTS FOR TAX ON CERTAIN FARMLAND SALES

WASHINGTON, Sept. 28 -- The U.S. Department of the Treasury's Internal Revenue Service issued the following IRS Employee Plans News:

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations (https://www.federalregister.gov/public-inspection/2026-19888/election-to-pay-in-installments-tax-on-gain-from-certain-farmland-property) for taxpayers who sell or exchange qualifying farmland to qualified farmers and elect to pay the tax on the gain in four equal annual installments.

Section 1062 of the Internal Revenue Code allows eligible taxpayers to spread payment of the tax attributable to gain from certain sales or exchanges of farmland over four years. The election applies to qualified sales or exchanges...