Definitions.

CFR · 2024-01-01 · US · Title 7

The following definitions apply to the Milk Loss Program. (1) Weather-related event preventing transportation of the milk; or (2) Weather-related event causing a power outage or structural damage causing milk to be unmerchantable. (1) If the resulting average adjusted gross farm income derived from items 1 through 12 of the definition of “income derived from farming, ranching, and forestry operations” is at least 66.66 percent of the average adjusted gross income of the person or legal entity, then the average adjusted gross farm income may also take into consideration income or benefits derived from the following: (i) The sale of equipment to conduct farm, ranch, or forestry operations; and (ii) The provision of production inputs and services to farmers, ranchers, foresters, and farm operations. (2) The relevant tax years are: (i) For the 2020 program year, 2016, 2017, and 2018; and (ii) For the 2021 program year, 2017, 2018, and 2019; and (iii) For the 2022 program year, 2018, 2019, and 2020. (1) For the 2020 program year, 2016, 2017, and 2018; (2) For the 2021 program year, 2017, 2018, and 2019; and (3) For the 2022 program year, 2018, 2019, and 2020. (1) Production of crops, specialty crops, and unfinished raw forestry products; (2) Production of livestock, aquaculture products used for food, honeybees, and products derived from livestock; (3) Production of farm-based renewable energy; (4) Selling (including the sale of easements and development rights) of farm, ranch, an

official document · source cfr-2024 · id 7:§ 760.1702