Definitions

# (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.)