H.R. 791 (105th): To amend the Internal Revenue Code of 1986 relating to the treatment of livestock sold on account ...

...of weather-related conditions.

105th Congress, 1997–1998. Text as of Feb 13, 1997 (Introduced).

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HR 791 IH

105th CONGRESS

1st Session

H. R. 791

To amend the Internal Revenue Code of 1986 relating to the treatment of livestock sold on account of weather-related conditions.

IN THE HOUSE OF REPRESENTATIVES

February 13, 1997

Mr. POMEROY (for himself, Mr. OBERSTAR, Mr. HILL, Mr. PETERSON of Minnesota, and Mr. STENHOLM) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 relating to the treatment of livestock sold on account of weather-related conditions.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. TREATMENT OF LIVESTOCK SOLD ON ACCOUNT OF WEATHER-RELATED CONDITIONS.

    (a) DEFERRAL OF INCOME INCLUSION- Subsection (e) of section 451 of the Internal Revenue Code of 1986 (relating to special rules for proceeds from livestock sold on account of drought) is amended--

      (1) by striking ‘drought conditions, and that these drought conditions’ in paragraph (1) and inserting ‘drought or other weather-related conditions, and that such conditions’; and

      (2) by inserting ‘, OR OTHER WEATHER-RELATED CONDITIONS’ after ‘DROUGHT’ in the subsection heading.

    (b) INVOLUNTARY CONVERSIONS- Subsection (e) of section 1033 of such Code (relating to livestock sold on account of drought) is amended--

      (1) by inserting ‘or other weather-related conditions’ before the period at the end thereof; and

      (2) by inserting ‘, OR OTHER WEATHER-RELATED CONDITIONS’ after ‘DROUGHT’ in the subsection heading.

    (c) EFFECTIVE DATE- The amendments made by this section shall apply to sales and exchanges after December 31, 1996.