80-12-211. Income tax deduction for land sale to beginning farmers.
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/mt/title-80/chapter-12/part-2/80-12-211·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
80-12-211 . Income tax deduction for land sale to beginning farmers. A landowner who sells land consisting of 80 acres or more to a beginning farmer at 9% or less interest on a long-term contract is entitled to a reduction in the landowner's taxable income in an amount equal to 100% of any income or capital gain, or both, realized and otherwise subject to state income taxes from the sale, up to a maximum of $50,000, if the transaction is approved by the authority for this purpose.