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S 527 98th Congress Senate Agriculture and Food Accounting Acreage allotments Agricultural cooperatives Agricultural credit 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 Tax-exempt organizations Taxation Valuation

Payment In Kind Tax Clarification Act of 1983

Introduced: February 17, 1983 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 4 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 17, 1983
Read twice and referred to the Committee on Finance.
Feb 17, 1983
Introduced in Senate
 Plain-English summary Congressional Research Service

Payment In Kind Tax Clarification Act of 1983 - 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. Sets forth rules for the tax treatment of commodities received under such a program involving repayment of Commodity Credit Corporation loans.

Specifies that farmers participating in a payment- in-kind program do not forfeit eligibility for the special use valuation provisions for farm property.

Specifies that tax-exempt farmers' cooperatives shall not forfeit tax-exempt status if such a cooperative markets any commodity received by, or on behalf of, a member participating in a payment-in-kind program.

What's happening now February 28, 1983

Subcommittee on Oversight of the IRS. Hearings held. Hearings printed: S.Hrg. 98-128.

 Committees of jurisdiction 3