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(IRS), Treasury. ACTION: Final regulations. SUMMARY: This document contains final regulations relating to the election to average farm income in computing tax liability. The regulations reflect changes to the law made by the Taxpayer Relief Act of 1997, as amended by the Tax and Trade Relief Extension Act of 1998, and provide guidance to individuals engaged in a farming business. DATES: Effective Date: These regulations are effective January 8, 2002. Applicability Date: These regulatio.

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