Qualified Farm-Related Taxpayer Law and Legal Definition

A qualified farm-related taxpayer means any farm-related taxpayer with respect to whom the aggregate prepaid farm supplies for the three taxable years preceding the taxable year are less than 50 percent of the aggregate deductible farming for such three taxable years and who has excess prepaid farm supplies for the taxable year by reason of any change in business operation as a result of some extraordinary circumstances [26 USCS § 464 (f)(3)(A)].