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108th CONGRESS
  1st Session
                                 S. 252

  To amend the Internal Revenue Code of 1986 to provide special rules 
  relating to the replacement of livestock sold on account of weather-
                          related conditions.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 30, 2003

  Mr. Thomas (for himself, Mr. Enzi, Mr. Hagel, Mr. Roberts, and Mr. 
   Domenici) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to provide special rules 
  relating to the replacement of livestock sold on account of weather-
                          related conditions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SPECIAL RULES FOR LIVESTOCK SOLD ON ACCOUNT OF WEATHER-
              RELATED CONDITIONS.

    (a) Rules for Replacement of Involuntarily Converted Livestock.--
Subsection (e) of section 1033 of the Internal Revenue Code of 1986 
(relating to involuntary conversions) is amended--
            (1) by striking ``Conditions.--For purposes'' and inserting 
        ``Conditions.--
            ``(1) In general.--For purposes'', and
            (2) by adding at the end the following new paragraph:
            ``(2) Extension of replacement period.--
                    ``(A) In general.--In the case of drought, flood, 
                or other weather-related conditions described in 
                paragraph (1) which result in the area being designated 
                as eligible for assistance by the Federal Government, 
                subsection (a)(2)(B) shall be applied with respect to 
                any converted property by substituting `4 years' for `2 
                years'.
                    ``(B) Further extension by secretary.--The 
                Secretary may extend on a regional basis the period for 
                replacement under this section (after the application 
                of subparagraph (A)) for such additional time as the 
                Secretary determines appropriate if the weather-related 
                conditions which resulted in such application continue 
                for more than 3 years.''.
    (b) Income Inclusion Rules.--Section 451(e) of the Internal Revenue 
Code of 1986 (relating to special rule for proceeds from livestock sold 
on account of drought, flood, or other weather-related conditions) is 
amended by adding at the end the following new paragraph:
            ``(3) Special election rules.--If section 1033(e)(2) 
        applies to a sale or exchange of livestock described in 
        paragraph (1), the election under paragraph (1) shall be deemed 
        valid if made during the replacement period described in such 
        section.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to sales and exchanges after December 31, 2001, in taxable years 
ending after such date.
                                 <all>

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