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TREAS/IRS RIN: 1545-AW05 Publication ID: Fall 2001 
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 taxable income of the current year is reduced by the elected farm income and the increase in tax liability for the prior three years is added to the current year's tax liability. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously 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 7805    26 USC 1301   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  10/08/1999  64 FR 54836   
Public Hearing  02/15/2000    
Final Action  12/00/2001    
Additional Information: REG-121063-97 Drafting attorney: John Moran (202) 622-4940 Reviewing attorney: Judith M. Wall (202) 622-4940 CC:IT&A
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
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