first-time farmer
Defined in 1 place of the United States Code.
The term “first-time farmer” means any individual if such individual—
(I) has not at any time had any direct or indirect ownership interest in substantial farmland in the operation of which such individual materially participated, and
(II) has not received financing under this paragraph in an amount which, when added to the financing to be provided under this paragraph, exceeds $250,000.
Source
- 1994–200826 U.S.C. § 147Internal Revenue Code · Other requirements applicable to certain private activity bonds · in this section
The term “first-time farmer” means any individual if such individual—
(I) has not at any time had any direct or indirect ownership interest in substantial farmland in the operation of which such individual materially participated, and
(II) has not received financing under this paragraph in an amount which, when added to the financing to be provided under this paragraph, exceeds the amount in effect under subparagraph (A).
Source
- 2008–present26 U.S.C. § 147Internal Revenue Code · Other requirements applicable to certain private activity bonds · in this section