qualified farmland property

Defined in 1 dictionary — U.S. Code

United States Code

26 U.S.C. § 1062 — for purposes of this section

The term “qualified farmland property” means real property located in the United States—

(i) which—

(I) has been used by the taxpayer as a farm for farming purposes, or

(II) leased by the taxpayer to a qualified farmer for farming purposes,

(ii) which is subject to a covenant or other legally enforceable restriction which prohibits the use of such property other than as a farm for farming purposes for any period before the date that is 10 years after the date of the sale or exchange described in subsection (a).