Amends the Internal Revenue Code to permit farmers who participate in a Federal payment in kind program to elect to treat commodities they receive as income in the year of receipt or the year of sale. Permits farmers to elect a deferral of the income resulting from the cancellation of Commodity Credit Corporation loans. Specifies that farmers participating in a payment in kind program do not forfeit eligibility for the special use valuation under the estate tax provisions for farm property.
Became Public Law No: 98-4.
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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