Louie Gohmert: “Exactly. Anyway, my great aunt's husband predeceased her. When she died, she had left a will that set aside one section…”

“Exactly. Anyway, my great aunt's husband predeceased her. When she died, she had left a will that set aside one section of land to be sold to pay off the estate tax. Unfortunately, this was 1986, and that also happened to be a time when FDIC and the SLIC, later the RTC, they started accumulating and they started dumping land around that area. Land had been valued around $2,000 at the time of her death in 1986, but within a year or so when the estate was being settled, because of the land being dumped in the area, it fell to $600, $700 an acre. The IRS took every acre of the estate, because at the time the land fell to $600 or $700. The IRS did allow a year or two extension hoping the land value would come back so they would get to save an acre or two. But out of 2,500 acres, it was around a $5 million estate at 2,000 acres, and there were some comparables around that when she died to show it was that value. But when it fell to $600, $700, the IRS said, ``It is all ours, because it will take every acre of land to pay your 55 percent estate tax even after the exemption.''”