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When a farm sits at the edge of town and developers are circling, the land's value for estate tax purposes does not have to match what those developers would pay. But the provision that allows this comes with a condition that can haunt the heirs for a decade.
In Van Alen v. Commissioner, decided on October 21, 2013, the court ruled in favour of the Internal Revenue Service (IRS). The dispute involved $910,000 received by a family trust from the sale of an easement on the ranch. The court also upheld accuracy-related penalties against the taxpayers.