Amends the Internal Revenue Code to provide that for taxpayers who receive agricultural commodities under a Federal payment-in-kind program: (1) no income shall be treated as realized by receipt of such commodities; but, (2) any gain realized from the sale or exchange of such commodities shall be included in gross income and shall be treated as ordinary income.
Treates such commodities as commodities produced on acreage divested from agricultural use for purposes of the estate tax valuation of farm property.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department, Agriculture Department.
Subcommittee on Energy and Agricultural Taxation. Hearings held. Hearings printed: S.Hrg. 98-128.
Subcommittee on Oversight of the IRS. Hearings held. Hearings printed: S.Hrg. 98-128.
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