A family farm corporation holding family farm realty becomes an acquired family farm corporation when:

1. (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. (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. (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).