All gains that are not excluded from taxation under subd. 9., on business assets or on assets used in farming, or both, held more than one year, that are sold or otherwise disposed of to persons who are related to the seller or transferor by blood, marriage or adoption within the 3rd degree of kinship as determined under s. 990.001 (16), as computed under the Internal Revenue Code, not including amounts treated as ordinary income for federal income tax purposes because of the recapture of depreciation or any other reason. For purposes of this subdivision, “assets used in farming” includes any of the following: a.
(a)#
Shares in a corporation or beneficial interest in a trust that meets the standards under s. 182.001 (1).
(b)#
Ownership interest in a partnership or limited liability company treated as a partnership under this chapter, if the partnership or limited liability company has 15 or fewer partners or members and all partners or members are natural persons.