A bill to amend the Internal Revenue Code of 1954 to modify the definition of a farmer for purposes of the capital gains preference item for the individual minimum tax.

Summary

Amends the Internal Revenue Code of 1954 to permit an insolvent taxpayer whose average annual gross income for at least half of the ten preceding years is attributable to farming to reduce the amount of the capital gains tax preference for purposes of the alternative minimum tax in certain cases. Applies this revised definition of "farmer" to cases involving farm insolvency transactions made on and after January 1, 1982. (Prior law based the definition of "farmer" on income during the three preceding taxable years.)

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1 official file

• Introduced in Senate

  summary · EN · 21 May 1987

  Open at official source

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