§ 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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