Summary: H.R.6461 — 96th Congress (1979-1980)All Information (Except Text)

There is one summary for H.R.6461. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/07/1980)

Family Business Ranch, and Farm Protection Act of 1980 - Amends the Internal Revenue Act, with respect to estate taxes, to reduce the value of any jointly held interest in a decedent's gross estate by up to 50 percent (not to exceed $500,000) of any real or tangible property devoted to use as a farm or to use in any other trade or business, where the decedent's spouse and/or children materially participated in the operation of such farm, trade, or business. Specifies a formula for the computation of the special value of any such interest.

Imposes an additional tax to recapture any such tax benefits should the spouse and/or child dispose of any interest in such property within five years following the decedent's death.