AGRICULTURE 991 Tax Lawyer, Vol. 53, No. 4 AGRICULTURE SUBMITTED BY THE COMMITTEE ON AGRICULTURE: FREDERICK G. MEYER, COMMITTEE CHAIR; JAMES A. NEPPLE, SUBCOMMITTEE CHAIR ON IMPORTANT DEVELOPMENTS* Proposed Regulations Averaging Farm Income Proposed Regulation section 1.1301-1, 64 Fed. Reg. 54,836 (1999), clarifies that an individual engaged in the farming business includes a partner in a partnerrshi and a shareholder in an S corporation as well as sole proprietors. The proposed regulations do...