SECTION 6166 TAX DEFERRAL FOR REAL ESTATE

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IRC Section 6166 permits the deferral of estate taxes when a substantial portion of the estate consists of a closely held business. The election is available for real estate businesses if there has been active management of the business rather than a mere passive real estate investment activity. The article discusses revenue rulings which provide guidance for making a distinction between actively managed and passively invested real estate.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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