Farmers Tax Equity Act of 1987

[AI summary unavailable — showing source text] Farmers Tax Equity Act of 1987 - Amends the Internal Revenue Code (IRC) to define "large animal processors" and include them among the types of corporations required to use an accrual method of accounting to compute taxable income. Excludes such entities from eligibility for exception to these accounting requirements under most circumstances. Defines a "single purpose commodity storage structure" and includes such structures and single purpose livestock structures, as well as the work space appurtenant to each type of structure, as 15-year property for purposes of the accelerated cost recovery system used to determine the income tax deduction for depreciation. Repeals IRC provisions that disallow the inclusion of noncorporate taxpayer losses from certain tax shelter farm activity in computations to determine alternative minimum taxable income. Amends IRC provisions relating to the income tax deduction for health insurance costs of self-employed individuals to: (1) make the deduction permanent (under current law it expires after tax year 1989); and (2) increase, by annual increments of 25 percent (to 100 percent for tax year 1990 and thereafter), the percentage of such costs allowab…