Brundige farms with his two sons in Weakley County, in the northwestern part of the state. They represent the fourth and fifth generation, respectively, to farm that land. Brundige is counting on there being many more generations to follow.
Like many other farmers and ranchers, Tennessean Mike Brundige is worried a proposed change in tax policy will keep him from passing the family’s farmland on to his children and grandchildren.
Brundige farms with his two sons in Weakley County, in the northwestern part of the state. They represent the fourth and fifth generation, respectively, to farm that land. Brundige is counting on there being many more generations to follow.
However, a proposal to eliminate stepped-up basis has Brundige and other farmers and ranchers worried their children and grandchildren will struggle too much with capital gains taxes to continue the family business.
Stepped-up basis allows a farmer to pay capital gains taxes only on the property’s increase in value since the land was inherited, not on the full increase in value since it was purchased by that farmer’s parents or grandparents...MORE
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