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Under 11 U.S.C. Section 101, the term:
18) ''family farmer'' means -
(A) individual or individual and spouse engaged in a
farming operation whose aggregate debts do not exceed $1,500,000 and not less than 80
percent of whose aggregate noncontingent, liquidated debts (excluding a debt for the
principal residence of such individual or such individual and spouse unless such debt
arises out of a farming operation), on the date the case is filed, arise out of a farming
operation owned or operated by such individual or such individual and spouse, and such
individual or such individual and spouse receive from such farming operation more than 50
percent of such individual's or such individual and spouse's gross income for the taxable
year preceding the taxable year in which the case concerning such individual or such
individual and spouse was filed; or
(B) corporation or partnership in which more than 50
percent of the outstanding stock or equity is held by one family, or by one family and the
relatives of the members of such family, and such family or such relatives conduct the
farming operation, and
(i) more than 80 percent of the value of its assets
consists of assets related to the farming operation;
(ii) its aggregate debts do not exceed $1,500,000 and
not less than 80 percent of its aggregate noncontingent, liquidated debts (excluding a
debt for one dwelling which is owned by such corporation or partnership and which a
shareholder or partner maintains as a principal residence, unless such debt arises out of
a farming operation), on the date the case is filed, arise out of the farming operation
owned or operated by such corporation or such partnership; and
(iii) if such corporation issues stock, such stock is
not publicly traded;
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