Actions
No actions available.
Full Text of this Amendment
SA 3747. Mr. BAUCUS submitted an amendment intended to be proposed to amendment SA 3500 proposed by Mr. Harkin (for himself, Mr. Chambliss, Mr. Baucus, and Mr. Grassley) to the bill H.R. 2419, to provide for the continuation of agricultural programs through fiscal year 2012, and for other purposes; which was ordered to lie on the table; as follows:
Beginning on page 1563, line 6, strike through page 1564, line 15, and insert following:
SEC. 12504. MODIFICATION OF SECTION 1031 TREATMENT FOR CERTAIN REAL ESTATE.
(a) In General.--Section 1031 (relating to exchange of property held for productive use or investment), as amended by this Act, is amended by adding at the end the following new subsection:
``(j) Special Rule for Subsidized Agricultural Real Property.--
``(1) IN GENERAL.--Subsidized agricultural real property and nonagricultural real property are not property of a like kind.
``(2) SUBSIDIZED AGRICULTURAL REAL PROPERTY.--For purposes of this subsection, the term `subsidized agricultural real property' means real property--
``(A) which is used as a farm for farming purposes (within the meaning of section 2032A(e)(5)); and
``(B) with respect to which a taxpayer receives, in the taxable year in which an exchange of such property is made, any payment or benefit under--
``(i) part I of subtitle A,
``(ii) part III (other than sections 1307 and 1308) of subtitle A, or
``(iii) subtitle B,
of title I of the Food and Energy Security Act of 2007.
``(3) NONAGRICULTURAL REAL PROPERTY.--For purposes of this subsection, the term `nonagricultural real property' means real property which is not used as a farm for farming purposes (within the meaning of section 2032A(e)(5)).
``(4) EXCEPTION.--Paragraph (1) shall not apply with respect to any subsidized agricultural real property which, not later than the date of the exchange, is permanently retired from any program under which any payment or benefit described in paragraph (2)(B) is made.''.
(b) Effective Date.--The amendments made by this section shall apply to exchanges completed after the date of the enactment of this Act.
(As printed in the Congressional Record for the Senate on Nov 15, 2007.)
Beginning on page 1563, line 6, strike through page 1564, line 15, and insert following:
SEC. 12504. MODIFICATION OF SECTION 1031 TREATMENT FOR CERTAIN REAL ESTATE.
(a) In General.--Section 1031 (relating to exchange of property held for productive use or investment), as amended by this Act, is amended by adding at the end the following new subsection:
``(j) Special Rule for Subsidized Agricultural Real Property.--
``(1) IN GENERAL.--Subsidized agricultural real property and nonagricultural real property are not property of a like kind.
``(2) SUBSIDIZED AGRICULTURAL REAL PROPERTY.--For purposes of this subsection, the term `subsidized agricultural real property' means real property--
``(A) which is used as a farm for farming purposes (within the meaning of section 2032A(e)(5)); and
``(B) with respect to which a taxpayer receives, in the taxable year in which an exchange of such property is made, any payment or benefit under--
``(i) part I of subtitle A,
``(ii) part III (other than sections 1307 and 1308) of subtitle A, or
``(iii) subtitle B,
of title I of the Food and Energy Security Act of 2007.
``(3) NONAGRICULTURAL REAL PROPERTY.--For purposes of this subsection, the term `nonagricultural real property' means real property which is not used as a farm for farming purposes (within the meaning of section 2032A(e)(5)).
``(4) EXCEPTION.--Paragraph (1) shall not apply with respect to any subsidized agricultural real property which, not later than the date of the exchange, is permanently retired from any program under which any payment or benefit described in paragraph (2)(B) is made.''.
(b) Effective Date.--The amendments made by this section shall apply to exchanges completed after the date of the enactment of this Act.
(As printed in the Congressional Record for the Senate on Nov 15, 2007.)
