The Taxpayer Relief Act, Estate Planning, and Resource Mobility in U.S. Agriculture

10 Pages Posted: 25 Mar 2020

Date Written: August 1999

Abstract

Agricultural resources tend to be owned by individuals in the later stages of their economic life. If older agricultural resource owners tend to use resources less productively than younger owners, then much of the resource base in agriculture may be inefficiently employed. This article argues that U.S. capital taxation laws may be partly responsible for resource immobility. Capital gains taxation tends to reduce resource mobility, as does the family business estate tax exemption. The 1997 Taxpayer Relief Act could exacerbate the immobility problem.

Keywords: agricultural structure, capital gains tax, estate tax exemptions, lock‐in, H240, Q120

Suggested Citation

Hennessy, David, The Taxpayer Relief Act, Estate Planning, and Resource Mobility in U.S. Agriculture (August 1999). American Journal of Agricultural Economics, Vol. 81, Issue 3, pp. 534-543, 1999, Available at SSRN: https://ssrn.com/abstract=3560508 or http://dx.doi.org/10.2307/1244013

David Hennessy (Contact Author)

Iowa State University

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