<p>Here is the description from the federal verification guide, which the financial aid community must use: Family-owned and controlled small businesses (which can include farms) that have 100 or fewer full-time or full-time equivalent employees do not count as an asset. “Family-owned and controlled” means that more than 50% of the business is owned by persons who are directly related or are or were related by marriage (family members do not have to be counted in the household size for this question).</p>
<p>It doesn’t actually matter if the land is reported in business or investment assets - it’s all assessed the same way. However, if you determine that your mom’s business is exempt from reporting, it does become important. The question is: Is the land part of the business?</p>