The tax implications of the transaction depends on a number of factors. There may be several factors involved in individual cases and I would advise anybody in a similar situation to seek professional advice, including advice from the Revenue Commissioners and Teagasc.
Among the possibly relevant tax issues are: 100% Stamp duty relief on the 1% stamp duty that is normally payable; 90% agricultural relief in relation to Capital Acquisitions Tax; Capital Gains tax that may be applicable to the person making the transfer.