Cecil inherits a farm from his father and, as executor of the estate, makes a § 2032A special use valuation election. Five years later, the farm is disposed of.
a. How is the disposition reported to the IRS?
b. Suppose the disposition occurred due to condemnation by a public authority (i.e., an involuntary conversion took place) and Cecil reinvested some of the award in other farmland. How would your answer to part (a) change?