A bill to amend the Internal Revenue Code of 1954 to limit losses allowable with respect to farming operations which are incurred by taxpayers whose principal business activity is not farming.

Summary

Limits losses allowable as deductions, under the Internal Revenue Code of 1954, with respect to farming operations which are incurred by taxpayers whose principal business activity is not farming. States that such deductions shall not exceed an aggregate amount equal to the sum of the gross income derived from the business of farming for the taxable year; and in the case of an individual whose prinicpal residence is on a farm, the gross income derived by such individual and his spouse for the taxable year from wages and salaries for personal services, timber located on a farm, and royalties derived from property on which the taxpayer's farming operations are conducted. (Adds 26 U.S.C. 277)

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 15 January 1973

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.