[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 181 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 181

To amend the Internal Revenue Code of 1986 to provide that installment 
   sales of certain farmers not be treated as a preference item for 
                purposes of the alternative minimum tax.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 22, 1997

  Mr. Grassley (for himself, Mr. Dorgan, Mr. Gorton, Mr. Baucus, Mr. 
Lott, Mr. Nickles, Mr. Gramm, Mr. Hatch, Mr. Breaux, Ms. Moseley-Braun, 
   Mr. Conrad, Mr. Kerrey, Mr. Daschle, Mr. Shelby, Mr. Bumpers, Mr. 
 Hutchinson, Mr. McCain, Mrs. Feinstein, Mr. Campbell, Mr. Harkin, Mr. 
Craig, Mr. Kempthorne, Mr. Durbin, Mr. Lugar, Mr. Coats, Mr. Brownback, 
  Mr. Roberts, Mr. Ford, Mr. McConnell, Mr. Sarbanes, Ms. Snowe, Mr. 
 Abraham, Mr. Grams, Mr. Bond, Mr. Cochran, Mr. Burns, Mr. Helms, Mr. 
 Hagel, Mr. Bingaman, Mr. DeWine, Mr. Inhofe, Mr. Wyden, Mr. Johnson, 
   Mrs. Hutchison, Mr. Warner, Mrs. Murray, Mr. Enzi, Mr. Kohl, Ms. 
   Mikulski, Mrs. Boxer, Mr. Robb, Mr. Gregg, Mr. Ashcroft, and Mr. 
  Wellstone) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide that installment 
   sales of certain farmers not be treated as a preference item for 
                purposes of the alternative minimum tax.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Family Farm Alternative Minimum Tax 
Relief Act of 1997''.

SEC. 2. MINIMUM TAX NOT TO APPLY TO FARMERS' INSTALLMENT SALES.

    (a) In General.--The last sentence of paragraph (6) of section 
56(a) (relating to treatment of installment sales in computing 
alternative minimum taxable income) is amended to read as follows: 
``This paragraph shall not apply to any disposition--
                    ``(A) in the case of a taxpayer using the cash 
                receipts and disbursements method of accounting, 
                described in section 453(l)(2)(A) (relating to farm 
                property), or
                    ``(B) with respect to which an election is in 
                effect under section 453(l)(2)(B) (relating to 
                timeshares and residential lots).''
    (b) Effective Dates.--
            (1) In general.--The amendment made by this section shall 
        apply to taxable years beginning after December 31, 1987.
            (2) Special rule for 1987.--In the case of taxable years 
        beginning in 1987, the last sentence of section 56(a)(6) of the 
        Internal Revenue Code of 1986 (as in effect for such taxable 
        years) shall be applied by inserting `` or in the case of a 
        taxpayer using the cash receipts and disbursements method of 
        accounting, any disposition described in section 453(l)(2)(A)'' 
        after ``section 453C(e)(4)''.
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