S 446
98th Congress
Senate
Agriculture and Food
Accounting
Acreage allotments
Agricultural price supports
Agricultural subsidies
Agriculture and Rural Affairs
Estate tax
Family farms
Farm production quotas
Farms
Income tax
Payment-in-kind program
Tax deferral
Taxation
Valuation
A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of agricultural commodities received under a payment-in-kind program
Introduced: February 3, 1983
See on congress.gov
Everywhere this bill has been
5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 28, 1983
Subcommittee on Oversight of the IRS. Hearings held. Hearings printed: S.Hrg. 98-128.
Feb 28, 1983
Subcommittee on Energy and Agricultural Taxation. Hearings held. Hearings printed: S.Hrg. 98-128.
Feb 8, 1983
Committee on Finance requested executive comment from OMB, Treasury Department, Agriculture Department.
Feb 3, 1983
Read twice and referred to the Committee on Finance.
Feb 3, 1983
Introduced in Senate
Plain-English summary
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.
What's happening now
Subcommittee on Oversight of the IRS. Hearings held. Hearings printed: S.Hrg. 98-128.
Committees of jurisdiction
3
Cosponsors
1