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contained a special use election pursuant to section 2032A
requesting valuation of the decedent's real estate located in
Nicollet County, Minnesota (the Nicollet farm), based on the
qualified use of such property for farming. The Nicollet farm
comprised approximately 342 acres of real property with a fair
market value (based on highest and best use) of $626,200 at the
time of decedent's death. With the special use election under
section 2032A, the value of the Nicollet farm was set at
$304,869, which amount was included in decedent's taxable estate.
Petitioner inherited the Nicollet farm from his father and
is the qualified heir for section 2032A purposes. In accordance
with section 2032A(d)(2), petitioner executed a Special Use
Election Agreement (the Agreement) consenting to personal
liability for additional estate tax, or "recapture" tax, on the
Nicollet farm to the extent that the property was disposed of, or
ceased to be used for a qualified purpose, during the applicable
post-death period. As required by section 20.2032A-8(c)(1),
Estate Tax Regs., the Agreement designated an agent, C. Thomas
Wilson, to represent the qualified heir of the estate.
As filed, the estate tax return showed a total estate tax
due of $4,685. Had the parties not elected the special use
valuation for the farm, the estate would have owed an additional
$120,988 in estate taxes at the time the return was filed.
However, the requirements of section 2032A were met, and the
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