TREATMENT OF LIVESTOCK SOLD ON ACCOUNT OF WEATHER-RELATED CONDITIONS.

SEC. 913. TREATMENT OF LIVESTOCK SOLD ON ACCOUNT OF WEATHER-RELATED CONDITIONS. (a) Deferral of Income Inclusion.—Subsection (e) of section 451 (relating to special rules for proceeds from livestock sold on account of drought) is amended— (1) by striking “drought conditions, and that these drought conditions” in paragraph (1) and inserting “drought, flood, or other weather-related conditions, and that such conditions”; and (2) by inserting “, Flood, or Other Weather-Related Conditions” after “Drought” in the subsection heading. (b) Involuntary Conversions.—Subsection (e) of section 1033 (relating to livestock sold on account of drought) is amended— (1) by inserting “, flood, or other weather-related conditions” before the period at the end thereof; and (2) by inserting “, Flood, or Other Weather-Related Conditions” after “Drought” in the subsection heading. (c) Effective Date.—The amendments made by this section shall apply to sales and exchanges after December 31, 1996.