Definitions.

CFR · 2024-01-01 · US · Title 7

The following definitions apply to this subpart. The definitions in parts 718 and 1400 of this title apply, except where they conflict with the definitions in this section. (1) If the resulting average adjusted gross farm income 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. (1) For the 2020 program year, 2016, 2017, and 2018; and (2) For the 2021 program year, 2017, 2018, and 2019. (1) The 2020 or 2021 tax year, as elected by the producer, for the 2020 disaster year; and (2) The 2021 or 2022 tax year, as elected by the producer, for the 2021 disaster year. (3) Producers must choose consecutive tax years if they are applying for both the 2020 and 2021 disaster years (that is, they may choose 2020 tax year revenue for the 2020 disaster year, and 2021 tax year revenue for the 2021 disaster year; or they may choose 2021 tax year revenue for the 2020 disaster year, and 2022 tax year revenue for the 2021 disaster year). (1) Crops for grazing; (2) Aquatic species that do not meet the definiti

official document · source cfr-2024 · id 7:§ 760.1901