§ 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).

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