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Revenue And Taxation Ad Valorem Taxation Of Property: Change Certain Provisions Relating To Qualifications Of Property As Bona Fide Conservation Use Property; Change Certain Provisions Relative To The Ownership Of Such Property And The Gross Income Derived By A Family Owned Farm Entity, Brittany Tuggle
Georgia State University Law Review
The Act requires a family owned farm entity owning property for conservation use to be owned by one or more natural or naturalized citizens related to each other by blood or marriage. The Act allows an entity such as a corporation, a limited partnership, a limited corporation, or a limited liability company to serve as a general partner of a family limited partnership, but it may not hold more than a five percent interest in that family limited partnership. Finally, the Act requires a family owned entity to derive eighty percent or more of its gross income from bona fide …
Wills, Trusts, And Administration Of Estates Descent And Distribution: Provide For The Vesting In The Heirs Subject To Divestment Of Certain Interests In Real Property Owned By An Intestate Descendent; Provide For Vesting Of Such Interests In An Administrator For The Benefit Of The Heir And Creditors Of The Decedent; Require The Assent Of The Administrator For Revesting In The Heirs; Provide For Recovery Of Possession From The Heirs By The Administrator In Certain Circumstances; Provide That An Order For Sale Or Distribution After Notice Is Conclusive Evidence, John Price
Georgia State University Law Review
The Act repeals a portion of the 1998 Probate Code Revision and provides that any real property belonging to an intestate decedent vests immediately in the decedent's heirs at law. If an administrator is subsequently appointed, the real property will vest in the administrator for the benefit of the decedent's heirs and creditors. Title only revests in the heirs if the administrator assents.