Exemption(s) for Certain Conveyances of Family Farms or Family Business - Essay Example

Only on StudentShare

Extract of sample
Exemption(s) for Certain Conveyances of Family Farms or Family Business

For exception of land transfer tax for conveyance of farmed land from individual (i.e. Father, Part 'A') to Family farm corporation (i.e. Son, Part 'B' (Owner of a Farm Corporation)) regulation 697 specifies the following requirements: First the transfer of land should me made between family members in which part 'B' is the owner of a farm corporation. Second requirement is that after transfer of farmed land the farm corporation will use the land for farming purpose only. No other use of the land is permitted. The first & second requirements of regulation 697 are similar to both individual to individual & individual to Family Farm Corporation. The Third requirement of regulation 697 is different in transferring the farmed land from individual to family farm corporation. In this all share holders of family farm corporation should be related to individual (Part A) who is transferring the land. Family Farm Corporation should have 95 % farming assets. During determination of farming assets the value of interest in the land being conveyed shall be included as an asset of the corporation.
According to this regulation 697- there are some exemptions in land transfer tax that belongs to the same family it means if an individual transfer business land to its family member ...
Download paper


Here we are discussing the regulation 697 which is made for "Exception of tax for certain conveyance of family farms & Family Business". Generally individual has to pay land transfer tax if he or she transfers a farmed land. According to this regulation 697- there are some exemptions in land transfer tax that belongs to the same family it means if an individual transfer farmed land to its family member (I.e…
Author : pricedaron

Related Essays

Family business organizational change
With this kind of situation, it appears that I will not need to conduct a thorough negation with Acico's top management but only a discussion with my father and sister. However, I am sure that my father will approve of my proposal since he has always been supportive with the strategies that we want to implement in the business organization. My sister has also taken this same course and I believe that she will also be more than willing to implement the transformation that is needed.
3 pages (753 words) Personal Statement
Family Business
History has it that many of the current successful company. Many of these companies were started by a family but later were sold to the public. In a family business the level of outside employees is limited and the family members are involved in the running of the business. Even in place where the external members are involved, the top positions of running the business are allocated to the family members. Some of the most successful family business includes Cargill, Ford Motor Company, Koch Industries, Mills Fleet Farm, Tetra Park, and others.
7 pages (1757 words) Essay
Traditional family
Life has become so expensive and it is not possible for the man's income to be enough to bring the food on the table. For this case, both parents are forced to work in order to provide for their children.
3 pages (753 words) Essay
Family Guy
The show turns values upside down and illustrates the American family as acting in ways that are completely opposite of what they preach and pretend to believe. Family Guy is a show that tells us that we are all dysfunctional and our world is not as we would like to believe.
4 pages (1004 words) Essay
Literature Review 'Family Business Sustainability'
Frequently a dichotomy is made amid the "family" and "business" where these two aspects forms distinctive subsystems which interact so as to form a complete structure named "family business". When family forces and business forces demonstrably interrelate and impact one another, then scholars agree that a blend is exists among the two aspects, implying a new and exclusive system which is termed a family business. Previous studies sought to define family business in relations to ownership or management and the controlling systems, and also intergenerational transfers, this view offered some...
8 pages (2008 words) Essay
Family business
Key performance indicators such as financial ratios and pay for performance are a good way to assess overall and individual performance of an individual in the organization. The basic KPIs used by family owned businesses could be:
13 pages (3263 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!