The lower income tax basis from electing special use valuation1 has always been an important consideration in whether the election to use or not to use special use valuation should be made but a recent Tax Court case2 has emphasized just how important -- for a potentially lengthy time period -- that election can be with a resultant low income tax basis. That factor can affect financial decisions for decades and decades to come.
Harl, Neil E.
"Consequences of a Lower Basis for Special Use Valuation Property,"
Agricultural Law Digest: Vol. 24
, Article 1.
Available at: https://lib.dr.iastate.edu/aglawdigest/vol24/iss22/1