elected farm income
Defined in 1 place of the United States Code.
The term “elected farm income” means so much of the taxable income for the taxable year—
(i) which is attributable to any farming business; and
(ii) which is specified in the election under subsection (a).
Source
- 1997–200526 U.S.C. § 1301Internal Revenue Code · Averaging of farm income · in this section
The term “elected farm income” means so much of the taxable income for the taxable year—
(i) which is attributable to any farming business or fishing business; and
(ii) which is specified in the election under subsection (a).
Source
- 2005–present26 U.S.C. § 1301Internal Revenue Code · Averaging of farm income · in this section