Tax Equalization Act of 1982

Tax Equalization Act of 1982 - Amends the Internal Revenue Code to repeal provisions partially exempting farmers' cooperatives from income taxation and provisions setting forth the tax treatment of cooperatives and their patrons. Provides that cooperatives shall be taxed in the same way other businesses are taxed.

Disallows any deduction or other allowance for amounts paid as patronage dividends by cooperative corporations. Permits the partial exclusion of dividends paid by such corporations.