Denial of farm loss
(1) In general
(1)In general#
For purposes of computing the amount of the alternative minimum taxable income for any taxable year of a taxpayer other than a corporation—
(A) Disallowance of farm loss No loss of the taxpayer for such taxable year from any tax shelter farm activity shall be allowed.
(B) Deduction in succeeding taxable year Any loss from a tax shelter farm activity disallowed under subparagraph (A) shall be treated as a deduction allocable to such activity in the 1st succeeding taxable year.
(1)(A)Disallowance of farm loss#
No loss of the taxpayer for such taxable year from any tax shelter farm activity shall be allowed.
(1)(B)Deduction in succeeding taxable year#
Any loss from a tax shelter farm activity disallowed under subparagraph (A) shall be treated as a deduction allocable to such activity in the 1st succeeding taxable year.
(2)Tax shelter farm activity#
For purposes of this subsection, the term “tax shelter farm activity” means—
(A) any farming syndicate as defined in section 461(k), and
(B) any other activity consisting of farming which is a passive activity (within the meaning of section 469(c)).
(2)(A)#
any farming syndicate as defined in section 461(k), and
(2)(B)#
any other activity consisting of farming which is a passive activity (within the meaning of section 469(c)).
(3)Determination of loss#
In determining the amount of the loss from any tax shelter farm activity, the adjustments of sections 56 and 57 shall apply.