§ 180. Expenditures by farmers for fertilizer, etc.

284 words·~1 min read·/usc/title-26/section-180

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(a)In general A taxpayer engaged in the business of farming may elect to treat as expenses which are not chargeable to capital account expenditures (otherwise chargeable to capital account) which are paid or incurred by him during the taxable year for the purchase or acquisition of fertilizer, lime, ground limestone, marl, or other materials to enrich, neutralize, or condition land used in farming, or for the application of such materials to such land. The expenditures so treated shall be allowed as a deduction.

(b)Land used in farming For purposes of subsection (a), the term “land used in farming” means land used (before or simultaneously with the expenditures described in subsection (a)) by the taxpayer or his tenant for the production of crops, fruits, or other agricultural products or for the sustenance of livestock.

(c)Election The election under subsection

(a)for any taxable year shall be made within the time prescribed by law (including extensions thereof) for filing the return for such taxable year. Such election shall be made in such manner as the Secretary may by regulations prescribe. Such election may not be revoked except with the consent of the Secretary.

(Added Pub. L. 86–779, § 6(a), Sept. 14, 1960, 74 Stat. 1001; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)

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Cited by 4 sections

U.S. Code

§ 263
Capital expenditures

CFR

Traces to 1 document

U.S. Code

Capital expenditures
§ 263

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Pub. L. 86–779, § 6(a)
74 Stat. 1001
Pub. L. 94–455, title XIX, § 1906(b)(13)(A)
90 Stat. 1834
Pub. L. 94–455
Pub. L. 86–779, § 6(d)

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cites case law

§ 180

Expenditures by farmers for fertilizer, etc.

C.F.R.×3

U.S.C.×1

U.S.C.§ 263

Pub. L.Pub. L. 86–779, § 6(a)

Stat.74 Stat. 1001

Pub. L.Pub. L. 94–455, title XIX, § 1906(b)(13)(A)

Stat.90 Stat. 1834

Pub. L.Pub. L. 94–455

Cites 7 · showing 6Cited by 4 across 2 sources