Page:United States Statutes at Large Volume 118.djvu/1499

 118 STAT. 1469 PUBLIC LAW 108–357—OCT. 22, 2004 (1) IN GENERAL.—Section 1301(a) is amended by striking ‘‘farming business’’ and inserting ‘‘farming business or fishing business’’. (2) DEFINITION OF ELECTED FARM INCOME.— (A) IN GENERAL.—Clause (i) of section 1301(b)(1)(A) is amended by inserting ‘‘or fishing business’’ before the semicolon. (B) CONFORMING AMENDMENT.—Subparagraph (B) of section 1301(b)(1) is amended by inserting ‘‘or fishing busi ness’’ after ‘‘farming business’’ both places it occurs. (3) DEFINITION OF FISHING BUSINESS.—Section 1301(b) is amended by adding at the end the following new paragraph: ‘‘(4) FISHING BUSINESS.—The term ‘fishing business’ means the conduct of commercial fishing as defined in section 3 of the Magnuson Stevens Fishery Conservation and Management Act (16 U.S.C. 1802).’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2003. SEC. 315. CAPITAL GAIN TREATMENT UNDER SECTION 631(b) TO APPLY TO OUTRIGHT SALES BY LANDOWNERS. (a) IN GENERAL.—The first sentence of section 631(b) (relating to disposal of timber with a retained economic interest) is amended by striking ‘‘retains an economic interest in such timber’’ and inserting ‘‘either retains an economic interest in such timber or makes an outright sale of such timber’’. (b) CONFORMING AMENDMENTS.— (1) The third sentence of section 631(b) is amended by striking ‘‘The date of disposal’’ and inserting ‘‘In the case of disposal of timber with a retained economic interest, the date of disposal’’. (2) The heading for section 631(b) is amended by striking ‘‘WITH A RETAINED ECONOMIC INTEREST’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to sales after December 31, 2004. SEC. 316. MODIFICATION TO COOPERATIVE MARKETING RULES TO INCLUDE VALUE ADDED PROCESSING INVOLVING ANI MALS. (a) IN GENERAL.—Section 1388 (relating to definitions and spe cial rules) is amended by adding at the end the following new subsection: ‘‘(k) COOPERATIVE MARKETING INCLUDES VALUE ADDED PROC ESSING INVOLVING ANIMALS.—For purposes of section 521 and this subchapter, the marketing of the products of members or other producers shall include the feeding of such products to cattle, hogs, fish, chickens, or other animals and the sale of the resulting animals or animal products.’’. (b) CONFORMING AMENDMENT.—Section 521(b) is amended by adding at the end the following new paragraph: ‘‘(7) CROSS REFERENCE.— ‘‘For treatment of value added processing involving animals, see section 1388(k).’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after the date of the enact ment of this Act. 26 USC 521 note. 26 USC 631 note. 26 USC 55 note.

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