MINIMUM TAX NOT TO APPLY TO FARMERS’ INSTALLMENT SALES.

SEC. 403. MINIMUM TAX NOT TO APPLY TO FARMERS’ INSTALLMENT SALES. (a) In General.—Subsection (a) of section 56 is amended by striking paragraph (6) (relating to treatment of installment sales) and by redesignating paragraphs (7) and (8) as paragraphs (6) and (7), respectively. (b) Effective Dates.— (1) In general.—The amendment made by this section shall apply to dispositions in taxable years beginning after December 31, 1987. (2) Special rule for 1987.—In the case of taxable years beginning in 1987, the last sentence of section 56(a)(6) of the Internal Revenue Code of 1986 (as in effect for such taxable years) shall be applied by inserting “or in the case of a taxpayer using the cash receipts and disbursements method of accounting, any disposition described in section 453C(e)(1)(B)(ii)” after “section 453C(e)(4)”.111 STAT. 845