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Decedent's Farm Land
At her death, decedent's farm land consisted of five parcels
(Parcels 1, 2, 3, 4, and 5). Decedent had a 100-percent
undivided interest in Parcels 1 (135.83 acres), 4 (80 acres), and
5 (40 acres); a seven-twelfths undivided interest in Parcel 2
(160 acres); and a one-half undivided interest in Parcel 3 (200
acres).
Estate Tax Return
The estate filed a timely Form 706, United States Estate Tax
Return, on July 22, 1999. The estate elected to use alternate
valuation dates; namely, November 17, 1998 (the date on which
decedent's FABG stock was purchased by FABG), for the stock, and
April 18, 1999 (6 months after decedent's death), for the farm
land. On the return, decedent's FABG stock was valued at
$993,757. The additional $495,968 paid by FABG for the stock was
reported as capital gain on the 1998 Form 1041, Fiduciary Income
Tax Return, of the Rod Amlie Trust. The fair market value of
decedent's farm land was reported based on an appraisal by an
auctioneer, as follows:
Parcel 1 $254,681
Parcel 2 167,040
Parcel 3 159,000
Parcel 4 152,000
Parcel 5 20,000
Total 752,721
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