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S. 446 (98th)

A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of agricultural commodities received under a payment-in-kind program

openUnited States· United States Congress· EN

Introduced

3 February 1983

Last action

28 February 1983 · Committee

Status

Subcommittee on Oversight of the IRS. Hearings held. Hearings printed: S.Hrg. 98-128.

Sponsors

Sen. Jepsen, Roger W. [R-IA], Sen. Dole, Robert J. [R-KS], Sen. Grassley, Chuck [R-IA], Sen. Huddleston, Walter (Dee) [D-KY], Sen. Cochran, Thad [R-MS], Sen. Wallop, Malcolm [R-WY], Sen. Dixon, Alan J. [D-IL], Sen. Boschwitz, Rudy [R-MN], Sen. Kassebaum, Nancy Landon [R-KS], Sen. Andrews, Mark [R-ND], Sen. Durenberger, Dave [R-MN], Sen. Tower, John G. [R-TX], Sen. Domenici, Pete V. [R-NM], Sen. Lugar, Richard G. [R-IN], Sen. Nickles, Don [R-OK], Sen. Pryor, David H. [D-AR], Sen. Abdnor, James [R-SD], Sen. Pressler, Larry [R-SD], Sen. Quayle, Dan [R-IN], Sen. Percy, Charles H. [R-IL], Sen. Hatch, Orrin G. [R-UT], Sen. Burdick, Quentin N. [D-ND]

Subjects

Agriculture

Source updated

3 January 2025

Agriculture

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to provide that for taxpayers who receive agricultural commodities under a Federal payment-in-kind program: (1) no income shall be treated as realized by receipt of such commodities; but, (2) any gain realized from the sale or exchange of such commodities shall be included in gross income and shall be treated as ordinary income. Treates such commodities as commodities produced on acreage divested from agricultural use for purposes of the estate tax valuation of farm property.

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

Timeline

  1. 3 February 1983

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 3 February 1983

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 8 February 1983

    Committee

    Committee on Finance requested executive comment from OMB, Treasury Department, Agriculture Department.

    Source: Committee

  4. 28 February 1983

    Committee

    Subcommittee on Energy and Agricultural Taxation. Hearings held. Hearings printed: S.Hrg. 98-128.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

Leesvertaling

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Sponsors

Related records

Sources

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