family fisherman

(19)(19A) The term “family fisherman” means— (A)an individual or individual and spouse engaged in a commercial fishing operation— (i)whose aggregate debts do not exceed $1,500,000 and not less than 80 percent of whose aggregate noncontingent, liquidated debts (excluding a debt for the principal residence of such individual or such individual and spouse, unless such debt arises out of a commercial fishing operation), on the date the case is filed, arise out of a commercial fishing operation owned or operated by such individual or such individual and spouse; and (ii)who receive from such commercial fishing operation more than 50 percent of such individual’s or such individual’s and spouse’s gross income for the taxable year preceding the taxable year in which the case concerning such individual or such individual and spouse was filed; or (B)a corporation or partnership— (i)in which more than 50 percent of the outstanding stock or equity is held by— (I)1 family that conducts the commercial fishing operation; or (II)1 family and the relatives of the members of such family, and such family or such relatives conduct the commercial fishing operation; and

Source

11 USC § 101(19)


Scoping language

In this title
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