Page:United States Statutes at Large Volume 122.djvu/2309

 12 2 STA T . 22 86PUBLIC LA W 11 0– 2 4 6 —J U NE 18, 2008 ‘ ‘ (2)DISAL L OWED LOSS C A R RIED T O N E X T TAXA B LE Y EAR .—Anylos s whic his d is a llow e d u nde rp ara g raph ( 1 ) shall b e t reated as a deduction o f the ta x payer attributable to far m ing businesses in the next taxable year. ‘‘( 3 )A P PLICABLE S U BSIDY.— F or purposes of this subsection , the term ‘applicable subsidy ’ means— ‘‘(A) any direct or counter - cyclical payment under title I of the Food, C onser v ation, and E nergy Act of 2 0 0 8 ,or any payment elected to be received in lieu of any such payment, or ‘‘( B ) any Commodity Credit Corporation loan. ‘‘( 4 ) EXCESS F AR M LOSS.—For purposes of this subsection— ‘‘(A) IN G ENERAL.— T he term ‘excess farm loss’ means the excess of— ‘‘(i) the aggregate deductions of the taxpayer for the taxable year which are attributable to farming businesses of such taxpayer (determined without regard to whether or not such deductions are dis- allowed for such taxable year under paragraph (1)), over ‘‘(ii) the sum of— ‘‘(I) the aggregate gross income or gain of such taxpayer for the taxable year which is attributable to such farming businesses, plus ‘‘(II) the threshold amount for the taxable year. ‘‘(B) T H RESHOLD AMOUNT.— ‘‘(i) IN GENERAL.—The term ‘threshold amount’ means, with respect to any taxable year, the greater of— ‘‘(I) $ 300,000 ($1 5 0,000 in the case of married individuals filing separately), or ‘‘(II) the excess (if any) of the aggregate amounts described in subparagraph (A)(ii)(I) for the 5-consecutive taxable year period preceding the taxable year over the aggregate amounts described in subparagraph (A)(i) for such period. ‘‘(ii) S PECIAL RULES FOR DETERMINING AGGREGATE AMOUNTS.—For purposes of clause (i)(II)— ‘‘(I) notwithstanding the disregard in subpara- graph (A)(i) of any disallowance under paragraph (1), in the case of any loss which is carried forward under paragraph (2) from any taxable year, such loss (or any portion thereof) shall be ta k en into account for the first taxable year in which a deduc- tion for such loss (or portion) is not disallowed by reason of this subsection, and ‘‘(II) the Secretary shall prescribe rules for the computation of the aggregate amounts described in such clause in cases where the filing status of the taxpayer is not the same for the taxable year and each of the taxable years in the period described in such clause. ‘‘(C) FARMING BUSINESS.— ‘‘(i) IN GENERAL.—The term ‘farming business’ has the meaning given such term in section 2 6 3A(e)(4). ‘‘(ii) CERTAIN TRADES AND BUSINESSES INCLUDED.— If, without regard to this clause, a taxpayer is engaged

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