A bill to provide for an exclusion from gross income of gain from the sale of a farm by an individual engaged in the trade or business of farming.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that, at the election of the taxpayer, gross income does not include gain from the sale or exchange of a farm if during the five-year period ending on the date of the sale or exchange, such farm has been owned and used by the taxpayer, whose principal occupation is farming, actively engaged in the trade or business of farming. Limits the amount of gain excludible from gross income to $500,000 ($250,000 in the case of a separate return by a married individual). Permits such election to be made or revoked at any time before the expiration of the period for making a claim for credit or refund of the tax otherwise imposed for the taxable year in which the sale or exchange occurred.…