qualified refiner or processor
Defined in 1 place of the United States Code.
For purposes of this subsection, the term “qualified refiner or processor” means a domestic corporation—
(A) substantially all of the activities of which consist of the active conduct of the trade or business of refining or processing agricultural or horticultural products, and
(B) which, during the 1-year period ending on the date of the sale, purchases more than one-half of such products to be refined or processed from—
(i) farmers who make up the eligible farmers’ cooperative which is purchasing stock in the corporation in a transaction to which this subsection is to apply, or
(ii) such cooperative.
Source
- 1997–present26 U.S.C. § 1042Internal Revenue Code · Sales of stock to employee stock ownership plans or certain cooperatives · for purposes of this section