A bill to amend the Internal Revenue Code of 1954 to subject pension trusts to the tax imposed by section 511 on unrelated business income for income related to the sale or rental of farmland and grazing land.
Family Farm Preservation Act - Amends the Internal Revenue Code to require the inclusion in the unrelated business taxable income of an employee benefit plan of any gain from the sale or exchange of, and rents from, open land used for pasturage of livestock and farmland. Requires that deductions directly connected with such gain or rents be taken into account.
Introduced in Senate
Referred to Senate Committee on Finance.
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