Question?
My husband and son have been farming together for years, with each having their own equipment and land. In the last 10 years, in order to get larger equipment, they have shared the cost at 50% each. They now have over $100,000 each in their own share of this equipment. My husband would like to retire, and sell our son his half of the equipment. We would like to do this over a period of years. Can this legally be done and how? All of the equipment has been written off using the first-year deductions, so there is no remaining tax cost.
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