Farm heirs may fear estate tax, but income tax can sting more. A paid-off...

https://johnathanrcpw248.wpsuo.com/what-is-the-difference-between-book-value-and-tax-basis-on-farm-machinery

Farm heirs may fear estate tax, but income tax can sting more. A paid-off tractor may trigger depreciation recapture when sold. A basis step-up can cut tax on land gains, but not erase every bill. See what to plan for before the handoff.