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Montana Title 15. Taxation § 15-30-3002. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

As used in this part, the following definitions apply:

(1) “Account” means a Montana farm and ranch risk management account.

(2) “Disqualification period” means any period of 2 consecutive tax years in which the taxpayer is not engaged in an eligible agricultural business.

(3)(a) “Eligible agricultural business” means the business of agricultural production, as agricultural is defined in 15-1-101, including silviculture, conducted by an individual or family farm corporation that files net farm income reports for tax purposes as required by the United States internal revenue service.

(b) The term does not mean the business of processing, transporting, or marketing agricultural products.

(4) “Family farm corporation” means a corporation that consists of immediate family members.

(5) “Immediate family members” means family members that are within the second degree of consanguinity or affinity.

(6) “Individual” means a human being and does not include an estate or trust.

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Cite this article: FindLaw.com - Montana Title 15. Taxation § 15-30-3002. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-15-taxation/mt-st-15-30-3002/

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