Farm families often worry about estate tax, but income tax can bring the bigger...
https://wiki-spirit.win/index.php/What_Is_the_Simplest_Way_to_Explain_Basis_to_a_Non-Accountant_Farm_Family%3F
Farm families often worry about estate tax, but income tax can bring the bigger surprise at succession. Learn how depreciation recapture on paid-off equipment can create a bill, and how a basis step-up may reduce tax when heirs sell inherited assets.