Montana Code 15-30-3002. Definitions
15-30-3002. (Temporary) Definitions. As used in this part, the following definitions apply:
Terms Used In Montana Code 15-30-3002
- Account: means a Montana farm and ranch risk management account. See Montana Code 15-30-3002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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. See Montana Code 15-30-3002
- Immediate family members: means family members that are within the second degree of consanguinity or affinity. See Montana Code 15-30-3002
- Individual: means a human being and does not include an estate or trust. See Montana Code 15-30-3002
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(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. (Terminates on occurrence of contingency–sec. 9, Ch. 262, L. 2001.)