Cashcallmortgage

Subsec. (g). Pub. L. 100–647, § 1004(a)(4), substituted “indebtedness” for “indebtedness of solvent farmers” in going and amended text generally speaking. Just before amendment, text read the following:

Subsec. (g). Pub. L. 100–647, § 1004(a)(4), substituted “indebtedness” for “indebtedness of solvent farmers” in going and amended text generally speaking. Just before amendment, text read the following:

“(1) as cashcall mortgage a whole. —For purposes of the area and part 1017, the discharge by an experienced individual of qualified farm indebtedness of a taxpayer who’s perhaps perhaps not insolvent during the time of the release will be addressed within the exact same manner as in the event that release had taken place once the taxpayer ended up being insolvent.

“(2) Qualified farm indebtedness. —For purposes of the subsection, indebtedness of the taxpayer will be treated as qualified farm indebtedness if—

“(A) such indebtedness ended up being incurred directly relating to the procedure because of the taxpayer regarding the trade or business of farming, and

“(B) 50 per cent or higher associated with normal yearly gross receipts regarding the taxpayer for the 3 taxable years preceding the year that is taxable that your release of these indebtedness does occur is due to the trade or company of agriculture.

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