[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 803 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 803

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 1997

 Mr. Thune (for himself, Mr. Smith of Michigan, Mr. Hill, Mr. Latham, 
Mr. Barrett of Nebraska, Mrs. Emerson, and Mr. Pomeroy) 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, 
        flood, or other weather-related conditions, and that such 
        conditions''; and
            (2) by inserting ``, Flood, 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 ``, flood, or other weather-related 
        conditions and such conditions resulted in the area being 
        designated as eligible for assistance by the Federal 
        Government'' before the period at the end thereof; and
            (2) by inserting ``, Flood, 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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