§ 91.221. Family farm partnership.
(a) An entity constitutes a family farm partnership only for so long as the following requirements are satisfied:
(1) In the aggregate, the book value of the partnership’s assets that are primarily devoted to the business of agriculture continuously comprise at least 75% of the book value of all of the partnership’s assets.
(2) At least 75% of the shares of the profits and surplus of the partnership are continuously owned by members of the same family.
(3) The entity is a general or common law partnership.
(b) Whether an asset is devoted to the business of agriculture shall be determined using the same rules as apply to the assets of family farm corporations. See § 91.211(b) (relating to family farm corporation).
Authority The provisions of this § 91.221 issued under section 1107-C of the Tax Reform Code of 1971 (72 P. S. § 8107-C).
Source The provisions of this § 91.221 adopted December 14, 2007, effective December 15, 2007, 37 Pa.B. 6516.
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