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This bill amends the Internal Revenue Code to exclude from federal income taxation the capital gains realized when a farmer sells qualified farm property to a qualified family member. The bill defines qualified farm property as real property in the U.S. that was owned and used as a farm for at least 2 years during the preceding 8-year period, and qualified family members include spouses, lineal descendants, and their spouses. The transferred property retains the original owner's tax basis, but if the family member holds the property for 10 years without selling it, the basis increases by the appreciation that occurred at the time of transfer.
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