- 42 -
Petitioner has failed to provide sufficient information from
which to make a valuation of pastureland that does not constitute
"qualified woodland" under the formula method. Section 20.2032A-
4(a) and (b)(2), Estate Tax Regs., requires that, if the estate
desires valuation under section 2032A(e)(7), the executor must
provide to the Internal Revenue Service leases of actual
comparable property and the cash rental from the property.
Although the record does contain a copy of a lease on clear land
in Sumter County, petitioner has not satisfied us that this is
comparable pastureland. Consequently, petitioner failed to
satisfy the requirement to provide comparable leases and
establish rental values of comparable pasturelands in order to
specially value decedent's pastureland under section 2032A(e)(7).
Consequently, there is no justification or basis for a section
2032A(e)(7) valuation of the pastureland located on the Lanford
A, Lanford B, and Patterson tracts.
Since the Woodward parcel of pastureland constitutes
"qualified woodland", we hold that it may also be valued under
the provisions of section 2032A(e)(7). Furthermore, we hold that
the three parcels of pastureland that did not constitute
"qualified woodland", located on the Lanford A, Lanford B, and
Patterson tracts, must be valued under the provisions of section
2032A(e)(8).
Page: Previous 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 NextLast modified: May 25, 2011