Farm Tax Equity Act of 1980

Summary

Farm Tax Equity Act of 1980 - Amends the Internal Revenue Code to limit the deductions attributable to the trade or business of farming to a maximum amount consisting of the sum of the taxpayer's gross income plus $17,500 reduced by the amount by which the nonfarm adjusted gross income of such taxpayer exceeds $17,500. Provides for an annual inflation adjustment of such amount. States that such limitation shall not apply if the taxpayer's nonfarm adjusted gross income does not exceed $17,500 or if the taxpayer elects to compute his or her taxable income on the accrual method of accounting. Requires the accrual method of accounting for any person engaged in the trade or business of farming whose gross income from farming exceeds $100,000, or an amount adjusted for inflation. Provides for a capital gains tax applicable to transfers of rural land by foreign investors. Requires specified reporting procedures relating to such tax.

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1 official file

• Introduced in Senate

  summary · EN · 3 June 1980

  Open at official source

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