Current through Register Vol. 54, No. 50, December 14, 2024
Section 91.222 - Acquired family farm partnershipA family farm partnership becomes an acquired family farm when one of the following occurs:
(1) Because of the acquisition or disposition of a partnership asset (including a transfer to a family member), the book value of the partnership's assets that are primarily devoted to the business of agriculture becomes less than 75% of the book value of all of the partnership's assets.(2) Because of the assignment of an interest in profits or surplus or the death, retirement, bankruptcy, expulsion or addition of a partner, less than 75% of the shares of the profits and surplus of the entity is continuously owned by members of the same family.(3) The partnership voluntarily or involuntarily dissolves or otherwise ceases to operate in the form of a general partnership or common law partnership.The provisions of this § 91.222 adopted December 14, 2007, effective 12/15/2007, 37 Pa.B. 6516. Under section 29 of the act of July 2, 2012 (P.L. 751, No. 85), § 91.222 is abrogated.
The provisions of this § 91.222 issued under section 1107-C of the Tax Reform Code of 1971 (72 P. S. § 8107-C).