A bill to limit to the national median family income the amount of farm loss which may be deducted against nonfarm income by high income taxpayers in competition with full-time, family-sized farm operators.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to limit the deductions of a taxpayer attributable to farming to the sum of: (1) the gross income of such taxpayer from the trade or business of farming for such taxable year, plus; (2) an amount equal to the national median family income for the previous year. Excludes from this tax-loss limitation those individuals, partnerships, or corporations which receive more taxable income from farm than non-farm sources in three out of the previous seven years. Provides that where the taxpayer engages in more than one trade or business of farming, all such trade or businesses shall be treated as a single trade or business.…