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| TREAS/IRS | RIN: 1545-AX01 | Publication ID: Spring 1999 |
| Title: ●Averaging of Farm Income | |
| Abstract: An individual may elect to "income average" any amount of farm income by adding 1/3 of such elected farm income to each of the three prior years', taxable income and calculating the increase in tax for the prior years. The elected farm income is subtracted from the current years taxable income and a tax is calculated. The increase in tax liability for the three prior years is added to the current years tax liability. | |
| Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
| RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
| Major: No | Unfunded Mandates: No |
| CFR Citation: 26 CFR 1 | |
| Legal Authority: 26 USC 1301 | |
Timetable:
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| Additional Information: REG-121063-97 Drafting attorney: John Moran (202) 622-7697. Treasury attorney: Lily Kahng (202) 622-0160. CC:DOM:IT&A | |
| Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
| Small Entities Affected: Businesses | |
| Included in the Regulatory Plan: No | |
|
Agency Contact: John Moran Attorney-Advisor Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Washington, DC 20224 Phone:202 622-4940 Fax:202 622-6232 |
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