qualified farmland property
Defined in 1 place of the United States Code.
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).
Source
- 2026–present26 U.S.C. § 1062Internal Revenue Code · Gain from the sale or exchange of qualified farmland property to qualified farmers · for purposes of this section