Special rules for farmers and fishermen
For purposes of this section—
(1) In general
(1)In general#
If an individual is a farmer or fisherman for any taxable year—
(A) there shall be only 1 required installment for the taxable year,
(B) the due date for such installment shall be January 15 of the following taxable year,
(C) the amount of such installment shall be equal to the required annual payment determined under subsection (d)(1)(B) by substituting “66⅔ percent” for “90 percent” and without regard to subparagraph (C) of subsection (d)(1), and
(D) subsection (h) shall be applied— (i) by substituting “March 1” for “January 31”, and (ii) by treating the required installment described in subparagraph (A) of this paragraph as the 4th required installment.
(1)(A)#
there shall be only 1 required installment for the taxable year,
(1)(B)#
the due date for such installment shall be January 15 of the following taxable year,
(1)(C)#
the amount of such installment shall be equal to the required annual payment determined under subsection (d)(1)(B) by substituting “66⅔ percent” for “90 percent” and without regard to subparagraph (C) of subsection (d)(1), and
(2)Farmer or fisherman defined#
An individual is a farmer or fisherman for any taxable year if—
(A) the individual’s gross income from farming or fishing (including oyster farming) for the taxable year is at least 66⅔ percent of the total gross income from all sources for the taxable year, or
(B) such individual’s gross income from farming or fishing (including oyster farming) shown on the return of the individual for the preceding taxable year is at least 66⅔ percent of the total gross income from all sources shown on such return.
(2)(A)#
the individual’s gross income from farming or fishing (including oyster farming) for the taxable year is at least 66⅔ percent of the total gross income from all sources for the taxable year, or
(2)(B)#
such individual’s gross income from farming or fishing (including oyster farming) shown on the return of the individual for the preceding taxable year is at least 66⅔ percent of the total gross income from all sources shown on such return.