substantial farmland
Defined in 1 place of the United States Code.
For purposes of this paragraph, the term “substantial farmland” means any parcel of land unless—
(i) such parcel is smaller than 15 percent of the median size of a farm in the county in which such parcel is located, and
(ii) the fair market value of the land does not at any time while held by the individual exceed $125,000.
Source
- 1994–199626 U.S.C. § 147Internal Revenue Code · Other requirements applicable to certain private activity bonds · in this section
For purposes of this paragraph, the term “substantial farmland” means any parcel of land unless—
(i) such parcel is smaller than 30 percent of the median size of a farm in the county in which such parcel is located, and
(ii) the fair market value of the land does not at any time while held by the individual exceed $125,000.
Source
- 1996–200826 U.S.C. § 147Internal Revenue Code · Other requirements applicable to certain private activity bonds · in this section
For purposes of this paragraph, the term “substantial farmland” means any parcel of land unless such parcel is smaller than 30 percent of the median size of a farm in the county in which such parcel is located.
Source
- 2008–present26 U.S.C. § 147Internal Revenue Code · Other requirements applicable to certain private activity bonds · in this section