Farm Tax Equity Act

Farm Tax Equity Act - Amends the Internal Revenue Code to limit the deductions attributable to the trade or business of farming to a maximum amount consisting of the sum of the taxpayer's gross income plus $15,000 reduced by the amount by which the nonfarm adjusted gross income of such taxpayer exceeds $15,000. States that such limitation shall not apply if the taxpayer's nonfarm adjusted gross income does not exceed $15,000, or if the taxpayer elects to compute his taxable income on the annual accrual method of accounting.