Page:United States Statutes at Large Volume 122.djvu/1028

 12 2 STA T . 1 0 0 5PUBLIC LA W 110 – 2 34—M A Y 22, 200 8orinpa r tby ap e r s ons h a l l be attrib u te d to the person inana m ount that represents the dire c to w nership in the f irst - tier le g al entity by the person .‘ ‘ (C)SECONDL E V EL. — ‘‘(i) I N G ENE RA L.— A ny payments made to a first- tier legal entity that is owned (in whole or in part) by another legal entity (a second-tier legal entity) shall be attributed to the second-tier legal entity in propor- tion to the ownership of the second-tier legal entity in the first-tier legal entity. ‘‘(ii) OW NER SHIPBY A PERSON.—If the second-tier legal entity is owned (in whole or in part) by a person , the amount of the payment made to the first-tier legal entity shall be attributed to the person in the amount that represents the indirect ownership in the first- tier legal entity by the person. ‘‘( D ) T HIRD AND F O U R T H LEVELS.— ‘‘(i) IN GENERAL.— Ex cept as pro v ided in clause (ii), the Secretary shall attribute payments at the third and fourth tiers of ownership in the same manner as specified in subparagraph (C). ‘‘(ii) F OURTH-TIER OWNERSHIP.—If the fourth-tier of ownership is that of a fourth-tier legal entity and not that of a person, the Secretary shall reduce the amount of the payment to be made to the first-tier legal entity in the amount that represents the indirect ownership in the first-tier legal entity by the fourth- tier legal entity. ‘‘(f) SPECIAL R ULES.— ‘‘( 1 ) M INOR CHILDREN.— ‘‘(A) IN GENERAL.—Except as provided in subparagraph ( B ), payments received by a child under the age of 1 8 shall be attributed to the parents of the child. ‘‘(B) REGULATIONS.—The Secretary shall issue regula- tions specifying the conditions under which payments received by a child under the age of 18 will not be attributed to the parents of the child. ‘‘( 2 ) MAR K ETING COOPERATIVES.—Subsections (b) and (c) shall not apply to a cooperative association of producers with respect to commodities produced by the members of the associa- tion that are mar k eted by the association on behalf of the members of the association but shall apply to the producers as persons. ‘‘( 3 ) TRUSTS AND ESTATES.— ‘‘(A) IN GENERAL.— W ith respect to irrevocable trusts and estates, the Secretary shall administer this section through section 1 0 01F in such manner as the Secretary determines will ensure the fair and e q uitable treatment of the beneficiaries of the trusts and estates. ‘‘(B) IRREVOCABLE TRUST.— ‘‘(i) IN GENERAL.—In order for a trust to be consid- ered an irrevocable trust, the terms of the trust agree- ment shall not— ‘‘(I) allow for modification or termination of the trust by the grantor p licab ili ty.
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