Farm Income Law and Legal Definition
According to 7 CFR 761.2 [Title 7 – Agriculture; Subtitle B -- Regulations of The Department of Agriculture; Chapter VII -- Farm Service Agency, Department of Agriculture; Subchapter D -- Special Programs; Part 761 -- General Program Administration; Subpart A -- General Provisions], farm income is “the proceeds from the sale of agricultural commodities that are normally sold annually during the regular course of business, such as crops, feeder livestock, and other farm products.”
