61 Pa. Code § 91.212 — Acquired family farm corporation

A family farm corporation holding family farm realty becomes an acquired family farm corporation when: (1) Because of the acquisition or transfer of a corporate asset, less than 75% of its total assets are devoted to the business of agriculture. (2) Because of the issuance, cancellation or transfer of corporate stock, less than 75% of a class of stock of the corporation is owned by individuals who are members of the same family. (3) The corporation is dissolved. Authority The provisions of this § 91.212 issued under section 1107-C of the Tax Reform Code of 1971 (72 P.S. § 8107-C). Source The provisions of this § 91.212 adopted September 9, 1988, effective September 10, 1988, 18 Pa.B. 4096. Cross References This section cited in 61 Pa. Code § 91.113 (relating to imposition of tax on declarations of acquisition). No part of the information on this site may be reproduced for profit or sold for profit. This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.