Why is "Stepped-Up" Basis Important for South Dakota Agricultural Producers?

The importance of "stepped-up" basis for South Dakota agricultural producers cannot be overemphasized. To illustrate this point, consider the following scenario.

In 2003, a farmer in Charles Mix County makes a $100,000 investment in a piece of farm land. In 2015, the farmer's property is worth $2 million. The farmer has a favorite grandson and wants to give him the property as a gift. However, the farmer also has a knowledgeable estate planning attorney whose advice is, rather than gifting the farm land now, wait until the farmer's death. 

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