Farm land is rented. Owner pays property tax. Helps with certain improvements concerning wells. Owner is member of various agriculture and water rights groups. Owner does not farm the property.
I recall discussions with in the estate tax area, that farm land needed to be rented pursuant to a “sharecrop” agreement in order to be considered a “trade or business” to receive a benefit for estate tax valuation.
The owner is a Sub S. Will the farm land retail be a trade or business for 199A?