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businesses. See Estate of McAlpine v. Commissioner, 96 T.C. 134,
139 (1991), affd. 968 F.2d 459 (5th Cir. 1992).
The requirements for a valid section 2032A election are
numerous, technical, and complex. Although section 2032A is a
relief statute designed to encourage the continuation of family
farms, it provides for “exceptionally favorable tax treatment”,
and taxpayers must “come within its demanding terms”. Martin v.
Commissioner, 783 F.2d 81, 84 (7th Cir. 1986), affg. 84 T.C. 620
(1985). Over the years since enactment, procedural foot faults
have cost many estates the benefits that section 2032A might have
afforded. See, e.g., Estate of Strickland v. Commissioner, 92
T.C. 16 (1989); Estate of McDonald v. Commissioner, 89 T.C. 293
(1987), affd. as to this issue 853 F.2d 1494 (8th Cir. 1988);
Estate of Johnson v. Commissioner, 89 T.C. 127 (1987).
In general, estates that make timely elections that fail to
contain all required information have 90 days to provide the
missing information after notification of the defects. See sec.
2032A(d)(3).17
17Sec. 2032A(d)(3) provides:
SEC. 2032A(d). Election; Agreement.--
* * * * * * *
(3) Modification of election and agreement to
be permitted.–-The Secretary shall prescribe procedures
which provide that in any case in which–-
(continued...)
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