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available for decedent's gifts to her three children during that
year that was not used to offset the land gifts.
Income and Losses From Family Farm Operations
Although decedent gave almost all her interest in the family
farm land to her children (and their spouses) during the period
1979-93, the taxable income and loss resulting from the
operations (or, in some years, the rental) of the family farm
during that period were reported on the Federal fiduciary income
tax returns filed by Garry's estate.5 These returns reported the
following amounts of net income (or loss) from the family farm:
Fiscal year ending Net family farm
2/28 or 2/29 income (or loss)
1980 ($35,702)
1981 (166,606)
1982 (177,264)
1983 49,324
1984 5,157
1985 1,833
1986 (3,612)
1987 (27,906)
1988 (23,796)
1989 (22,166)
1990 (28,204)
1991 (17,402)
1992 (9,425)
1993 (12,807)
1994 (13,001)
Total (481,577)
5 For the fiscal years ending in 1985 and 1986, almost all
family farm income reported by Garry’s estate was rental income.
For the fiscal years ending in 1987-93, the estate reported its
farm income simply as “other income”, but it also reported that
the principal activity of the family farm was “land rental”. For
the fiscal year ending in 1994, the estate reported its farm
income on Form 4835, Farm Rental Income and Expenses.
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