A bill to amend the Internal Revenue Code of 1986 to treat farming corporations in the same manner as other corporations for purposes of the limitations on the use of the cash method of accounting.

Amends the Internal Revenue Code (IRC) to: (1) apply to a farming business the same limitation on the use of the cash method of accounting that is applied to other corporations; and (2) repeal the particular IRC section governing the method of accounting to be used by corporations engaged in farming, thus eliminating such corporations as a special entity for tax accounting purposes.