(a)
Section 451(e) of the Internal Revenue Code, relating to special rule for proceeds from livestock sold on account of drought, is modified by substituting the phrase “drought, flood, or other weather-related conditions, and that those conditions” in lieu of the phrase “drought conditions, and that these drought conditions” contained therein.
(b)
This section shall apply to sales and exchanges after December 31, 1996.
(c)
This section shall not apply to taxable years beginning on or after January 1, 1998.