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 ST. LOUIS (AP) - After working on a northern Illinois farm that's been in his family for 151 years, Rob Sharkey itched to break out on his own. That is, until land prices ballooned.
The 31-year-old Stark County farmer near Bradford blames a federal tax code provision widely criticized for jacking up farm prices beyond the reach of fledgling farmers and others seeking to expand.
Under so-called 1031 tax-deferred exchanges, investors — many of them farmers — are fetching top dollar for their land, which has become valuable for urban-sprawl development in areas like Chicago and St. Louis.
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