Significant changes in Federal individual income tax and estate and gift tax policies have occurred over the last few years. Since the Federal individual income tax imposes the largest tax burden on the broadest group of farmers and the Federal estatetax can affect the ability to transfer the farm operation to the next generation, these changes are of considerable importance to the farm community, Modifications to these tax policies can affect not only the financial well-being of farm households but also the number and size of farms, their organizational structure, and their use of land, labor, and capital inputs.
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