A bill to amend the Internal Revenue Code of 1954 to allow any taxpayer to elect to treat for income tax purposes any crop received under a Federal program for removing land from agricultural production as produced by the taxpayer, to allow any taxpayer to elect to defer income on any cancellation under such a program if any price support loan, and to provide that participation in such a program shall not disqualify the taxpayer for the special use valuation of farm real property under section 2032A of such code.

Summary

Amends the Internal Revenue Code to permit farmers who participate in a Federal payment in kind program to elect to treat commodities they receive as income in the year of receipt or the year of sale. Permits farmers to elect a deferral of the income resulting from the cancellation of Commodity Credit Corporation loans. Specifies that farmers participating in a payment in kind program do not forfeit eligibility for the special use valuation under the estate tax provisions for farm property.

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1 official file

• Introduced in Senate

  summary · EN · 16 February 1983

  Open at official source

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