Over the last several years, farmland prices have increased dramatically. The increase in land prices has potential to create difficulties in passing farmland to the next generation, because families are unable to afford the taxes associated with thehigh land prices as they inherit farms. High land prices also put new farmers at a disadvantage compared to corporate farm operations in buying land. The inability of families to inherit land and increasing corporate ownership could lead to the extinction of the family farm. This Note will explore some of the difficulties created by high land prices in small family farming operations and inheritance.
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