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ELIMINATION The Midwest Cattleman · August 19, 2021 · P22
continued from page 3 LIFE

However, a proposal to in the family won’t work if continued from page 5
eliminate stepped-up basis they have to sell off parcels needed to slow down my tle discomfort in the area
has Brundige and other of it.
farmers and ranchers wor- He also noted that many weight loss. It was almost of my breastbone, then
ried their children and people mistakenly think only bed time when she asked, a quick, short pop in my
grandchildren will struggle the very wealthy get snagged “How about a bowl of your sternum, made me realize
favorite ice cream?”
too much with capital gains by capital gains taxes, but that doctors probably know
taxes to continue the family it’s families like his who have One of my mother’s fa- more than I give them cred-
business. spent a lifetime building vorite sayings quickly it. Judy had to help me to
Stepped-up basis allows a farming, ranching and other spewed out of my mouth, the bed, and I required an
farmer to pay capital gains small businesses who would “A scoop of ice cream never extra pain pill to get rid of
taxes only on the property’s be hit the hardest. hurt anyone.” the discomfort, that I had
increase in value since the “The elimination of Judy went to the garage inflicted upon myself.
land was inherited, not on the stepped-up basis would cer- to retrieve an unopened, One of my neighbors
full increase in value since it tainly lower the amount of as- half-gallon of my favorite, called the next day to see
was purchased by that farm- sets that we were able to pass from the big freezer, and, how I was doing, so I told
er’s parents or grandparents. on to our children. There’s no since the big freezer keeps him the story of my ICI
Because the value of many reason to have them account- everything frozen harder (ice cream injury) from
farms is tied up in land and able for taxes that accrued on than the one in the house, the night before. “Well,” he
equipment, most farmers assets 40 or 50 years before,” she instructed me to let began, “I guess you learned
don’t have large amounts of Brundige said. it sit on the counter for a your lesson.”
money available to pay capi- Farm Bureau is urging few minutes, before trying “Nope, I just learned that
tal gains taxes. They could be farmers and ranchers to to scoop it out into a bowl. Judy needs to scoop out the
forced to sell the farm or take tell Congress how critical I have about as much pa- ice cream for me. After all,
out costly loans just to pay stepped-up basis is to the tience in eating, as I do in everyone knows, a scoop
capital gains taxes. Even if a continuation of their family healing, so after a couple of served ice cream never
farmer only has to sell some businesses. of minutes, I found myself hurt anyone.”
of the land, that would limit FB.org with an ice cream scoop,
the number of family mem- bearing down on the fro-
bers who join the operation. zen treat with a force that
As Brundige explained, far exceeded my five pound
his goal of keeping the land limit. At first, I felt a lit-

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