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

Dienstag, Juni 2nd, 2020

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

“(1) In general. —For purposes for this part and part 1017, the release by a professional person of qualified farm indebtedness of a taxpayer that is perhaps perhaps perhaps not insolvent during the time of the release will be treated in the same way as in the event that release had taken place once the taxpayer ended up being insolvent.

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

“(A) such indebtedness had been incurred straight associated with the procedure by the taxpayer regarding the trade or company of agriculture, and

“(B) 50 % or even more for the normal yearly gross receipts associated with the taxpayer for the 3 taxable years preceding the taxable 12 months in that the release of these indebtedness does occur is due to the trade or company of agriculture.

“(3) Qualified person. —For purposes for this subsection, the expression ‘qualified person’ means an individual described in area 46(c)(8)(D)(iv). (mehr …)