A bill to amend the Internal Revenue Code of 1954 to allow a farmer to elect to include in income agricultural commodities received under a payment in kind program at the time such commodities are sold, and for other purposes.

openUnited States· United States Congress· EN

Introduced

24 February 1983

Last action

—

Status

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

Summary

Amends the Internal Revenue Code to allow taxpayers who receive agricultural commodities under a Federal payment-in-kind program to elect to treat such commodities as income at the time of sale or exchange rather than at the time of receipt. Treats such commodities as commodities produced on acreage diverted from agricultural use for purposes of the estate tax valuation of farm property.

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Documents

1 official file

Introduced in Senate
summary · EN · 24 February 1983
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/98th-congress/senate-bill/582
Open data entity: https://api.congress.gov/v3/bill/98/s/582