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Q:  What happens if the farmland and equipment comprises less than 50 percent of the total value of the estate?
A: 

The value of the farm and equipment becomes taxable, but the estate still benefits from the general deduction of $1.5 million for deaths in 2005 and $2 million for deaths in 2006 and beyond.

More information
More information about estate tax
Related questions & answers
Are there any limits to how much value can be deducted from the estate tax?
What requirements must be met in order to take the estate tax farm deduction?
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