depreciable farm property

(11) Limitation on acquisition of depreciable farm property (A) In general This subsection shall not apply to any issue if more than $250,000 of the net proceeds of such issue are to be used to provide depreciable farm property with respect to which the principal user is or will be the same person or 2 or more related persons. (B) Depreciable farm property For purposes of this paragraph, the term “depreciable farm property” means property of a character subject to the allowance for depreciation which is to be used in a trade or business of farming. (C) Prior issues taken into account In determining the amount of proceeds of an issue to be used as described in subparagraph (A), there shall be taken into account the aggregate amount of each prior issue to which paragraph (1) (or the corresponding provisions of prior law) applied which were or will be so used.


26 USC § 144(a)(11)

Scoping language

For purposes of this paragraph
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