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qualified farm-related taxpayer

Defined in 1 place of the United States Code.

For purposes of this subsection, the term “qualified farm-related taxpayer” means any farm-related taxpayer if—

(i) (I) the aggregate prepaid farm supplies for the 3 taxable years preceding the taxable year are less than 50 percent of,

(II) the aggregate deductible farming expenses (other than prepaid farm supplies) for such 3 taxable years, or

(ii) the taxpayer has excess prepaid farm supplies for the taxable year by reason of any change in business operation directly attributable to extraordinary circumstances.

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