Exemption(s) for Certain Conveyances of Family Farms or Family Essay

Exemption(s) for Certain Conveyances of Family Farms or Family Business - Essay Example For exception of land transfer tax for conveyance of farmed land from individual (i.e. Father, Part 'A') to Family farm corporation (i.e. Son, Part 'B' (Owner of a Farm Corporation)) regulation 697 specifies the following requirements: First the transfer of land should me made between family members in which part 'B' is the owner of a farm corporation. Second requirement is that after transfer of farmed land the farm corporation will use the land for farming purpose only. No other use of the land is permitted. The first & second requirements of regulation 697 are similar to both individual to individual & individual to Family Farm Corporation. The Third requirement of regulation 697 is different in transferring the farmed land from individual to family farm corporation. In this all share holders of family farm corporation should be related to individual (Part A) who is transferring the land. Family Farm Corporation should have 95 % farming assets. During determination of farming asse ts the value of interest in the land being conveyed shall be included as an asset of the corporation. According to this regulation 697- there are some exemptions in land transfer tax that belongs to the same family it means if an individual transfer business land to its family member

Administrative law Essay Example | Topics and Well Written Essays - 1000 words - 1

Administrative law - Essay Example Law Administration falls under as a set of laws for the people (Nyberg, 2013). The set of laws that fall under the agencies in administration having certain powers to be executed can be regarded in Administrative Laws of United States of America (USA). The Administrative Law is also called regulatory law. These administrative bodies serve the function to use their finite powers to bring peace and demolish injustice in complicated situations on public level. The role of Law Administrative Agencies is not only unique but precise in terms of its application. The Administrative authority is given by the Congress (HG, 2014). The agencies of the law administration publish their hearings of regulations that can be accessed by the common man which is commonly available on print and electronic media. The Law Administration is considered to be the basic model to shape up and enforce regulations in any society. It has certain hearings and briefings consisting of rules, orders, regulations, laws, that are held together in proper compilation which are later published which can be easily accessed from print media and electronic media (DL, 2014). This deals in amending the already existing rules and regulations that are found in favor of mankind. The masses are to be provided rights that can be enjoyed from grass root level. An existing law that had been terminated its implementation formerly can be introduced once again which falls under Rule Making. This deals in formulating new set of laws and regulations that are to be presented and shaped in such a way that are in favour of people. Agencies aim to ensure the common man to enjoy huge amount of benefits and work day in and day out to make it a reality for the people present in society. Administrative Laws that are governed by the states have their own set of rules and regulations to be implemented. An example can be considered where State governments would be appealing the