A bill to amend the Internal Revenue Code of 1986 to exempt farmers from the requirement to capitalize preproductive costs, and to require farmers with large farming operations to use an accrual method of accounting.
Family Farm Tax Accounting Relief Act of 1988 - Amends the Internal Revenue Code to exempt from the required application of uniform inventory cost capitalization rules any animal produced in a farming business, regardless of the animal's preproductive period.
Permits an exception from required use of the accrual method of accounting for family farm corporations having gross receipts of $5,000,000 or less for each prior taxable year after 1985.
Became Public Law No: 100-647.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Provisions of Measure Incorporated Into H.R.4333.
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