Payment In Kind Tax Clarification Act of 1983

Summary

Payment In Kind Tax Clarification Act of 1983 - 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. Sets forth rules for the tax treatment of commodities received under such a program involving repayment of Commodity Credit Corporation loans. Specifies that farmers participating in a payment- in-kind program do not forfeit eligibility for the special use valuation provisions for farm property. Specifies that tax-exempt farmers' cooperatives shall not forfeit tax-exempt status if such a cooperative markets any commodity received by, or on behalf of, a member participating in a payment-in-kind program.

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1 official file

• Introduced in Senate

  summary · EN · 17 February 1983

  Open at official source

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