Assignment task:
Phil recently died owning a farm on the outskirts of town. The nearby land has been valued at over $100,000 per acre as developed commercial real estate. Farmland is valued far below that price. Which of the following conditions must be met for Phil's farmland to be valued under Section 2032A special use valuation? The property must have been owned by Phil (or a member of his family) and used as a farm for three of the past five years. The net value of the qualified real and personal property must equal at least 50% of the adjusted value of Phil's gross estate. The value of the real estate must be at least 25% of the adjusted value of the adjusted value of Phil's gross estate. The family cannot sell the farm to a nonqualified individual for 10 years without causing recapture problems. A) II, III, and IV B) II only C) I only D) I and IV