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02Jun

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

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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. Just before amendment, text read as follows:

“(1) as a whole. —For purposes of the area and area 1017, the release by a professional individual of qualified farm indebtedness of a taxpayer that is maybe maybe not insolvent at the time of the release will be addressed within the manner that is same in the event that discharge had happened whenever taxpayer ended up being insolvent.

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

“(A) such indebtedness ended up being incurred straight associated with the operation by the taxpayer regarding the trade or company of farming, and

“(B) 50 per cent or higher associated with the typical yearly gross receipts associated with the taxpayer when it comes to 3 taxable years preceding the taxable 12 months in that your release of these indebtedness does occur is due to the trade or company of agriculture.

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