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Abstract

In an effort to curb the offsetting of farm losses against non-farm income, Congress in 2008 passed a provision as part of the 2008 “Farm Bill,” the Food, Conservation, and Energy Act of 2008.1 Aside from the fact that it is unusual for a tax provision to be included in a farm bill, the legislation is also notable because of the uncertainty over the meaning of “aggregate gross income or gain” in the legislation.2 The issue is important (1) because the definition of that term can affect a taxpayer’s handling of losses and (2) the Internal Revenue Code has similar language in different Code sections and the interpretations have not been the same in the resulting regulations.

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