[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 791 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 791

To amend the Internal Revenue Code of 1986 relating to the treatment of 
        livestock sold on account of weather-related conditions.


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                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 1997

   Mr. Pomeroy (for himself, Mr. Oberstar, Mr. Hill, Mr. Peterson of 
 Minnesota, and Mr. Stenholm) introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 relating to the treatment of 
        livestock sold on account of weather-related conditions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TREATMENT OF LIVESTOCK SOLD ON ACCOUNT OF WEATHER-RELATED 
              CONDITIONS.

    (a) Deferral of Income Inclusion.--Subsection (e) of section 451 of 
the Internal Revenue Code of 1986 (relating to special rules for 
proceeds from livestock sold on account of drought) is amended--
            (1) by striking ``drought conditions, and that these 
        drought conditions'' in paragraph (1) and inserting ``drought 
        or other weather-related conditions, and that such 
        conditions''; and
            (2) by inserting ``, or Other Weather-Related Conditions'' 
        after ``Drought'' in the subsection heading.
    (b) Involuntary Conversions.--Subsection (e) of section 1033 of 
such Code (relating to livestock sold on account of drought) is 
amended--
            (1) by inserting ``or other weather-related conditions'' 
        before the period at the end thereof; and
            (2) by inserting ``, or Other Weather-Related Conditions'' 
        after ``Drought'' in the subsection heading.
    (c) Effective Date.--The amendments made by this section shall 
apply to sales and exchanges after December 31, 1996.
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