Farm kin may fear estate tax, yet income tax can bring a bigger hit at handoff....

https://chanceanfi100.image-perth.org/how-do-i-talk-to-my-parents-about-not-gifting-the-farm-too-soon

Farm kin may fear estate tax, yet income tax can bring a bigger hit at handoff. Sell old gear, and past tax breaks may come due as depreciation recapture. A basis step-up resets the tax value of land and gear for heirs