‘‘(5) INDIVIDUAL.—For purposes of this sec-
tion, the term ‘individual’ shall not include an estate 
or trust. 
‘‘(6) DEDUCTION NOT ALLOWED FOR SELF-EM-
PLOYMENT TAX.—The deduction allowable by reason 
of subsection (a) shall not be taken into account in 
determining an individual’s net earnings from self- 
employment (within the meaning of section 1402(a)) 
for purposes of chapter 2. 
‘‘(g) REPORTS.—The trustee of a CFFR Account 
shall make such reports regarding such Account to the 
Secretary and to the person for whose benefit the Account 
is maintained with respect to contributions, distributions, 
and such other matters as the Secretary may require 
under regulations. The reports required by this subsection 
shall be filed at such time and in such manner and fur-
nished to such persons at such time and in such manner 
as may be required by such regulations.’’. 
(b) TAX ON EXCESS CONTRIBUTIONS.— 
(1) Subsection (a) of section 4973 of such Code 
(relating to tax on excess contributions to certain 
tax-favored accounts and annuities) is amended by 
striking ‘‘or’’ at the end of paragraph (4), by insert-
ing ‘‘or’’ at the end of paragraph (5), and by insert-
ing after paragraph (5) the following: 
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‘‘(6) a CFFR Account (within the meaning of 
section 468C(d)), or’’. 
(2) Section 4973 of such Code is amended by 
adding at the end the following: 
‘‘(g) EXCESS
CONTRIBUTIONS
TO
FARM
AC-
COUNTS.—For purposes of this section, in the case of a 
CFFR Account (within the meaning of section 468C(d)), 
the term ‘excess contributions’ means the amount by 
which the amount contributed for the taxable year to the 
Account exceeds the amount which may be contributed to 
the Account under section 468C(b) for such taxable year. 
For purposes of this subsection, any contribution which 
is distributed out of the CFFR Account in a distribution 
to which section 468C(e)(2)(B) applies shall be treated as 
an amount not contributed.’’. 
(3) The section heading for section 4973 of 
such Code is amended to read as follows: 
‘‘SEC. 4973. EXCESS CONTRIBUTIONS TO CERTAIN AC-
COUNTS, ANNUITIES, ETC.’’. 
(4) The table of sections for chapter 43 of such 
Code is amended by striking the item relating to sec-
tion 4973 and inserting the following: 
‘‘Sec. 4973. Excess contributions to certain accounts, annuities, etc.’’. 
(c) TAX ON PROHIBITED TRANSACTIONS.— 
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(1) Subsection (c) of section 4975 of such Code 
(relating to tax on prohibited transactions) is 
amended by adding at the end the following: 
‘‘(7) SPECIAL RULE FOR FARM ACCOUNTS.—A 
person for whose benefit a CFFR Account (within 
the meaning of section 468C(d)) is established shall 
be exempt from the tax imposed by this section with 
respect to any transaction concerning such account 
(which would otherwise be taxable under this sec-
tion) if, with respect to such transaction, the ac-
count ceases to be a CFFR Account by reason of the 
application of section 468C(f)(3)(B) to such ac-
count.’’. 
(2) Paragraph (1) of section 4975(e) of such 
Code is amended by redesignating subparagraphs 
(F) and (G) as subparagraphs (G) and (H), respec-
tively, and by inserting after subparagraph (E) the 
following: 
‘‘(F) a CFFR Account described in section 
468C(d),’’. 
(d) FAILURE TO PROVIDE REPORTS ON FARM AC-
COUNTS.—Paragraph (2) of section 6693(a) of such Code 
(relating to failure to provide reports on certain tax-fa-
vored accounts or annuities) is amended by redesignating 
subparagraphs (D) and (E) as subparagraphs (E) and 
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(F), respectively, and by inserting after subparagraph (C) 
the following: 
‘‘(D) section 468C(g) (relating to CFFR 
Accounts),’’. 
(e) CLERICAL AMENDMENT.—The table of sections 
for subpart C of part II of subchapter E of chapter 1 of 
such Code is amended by inserting after the item relating 
to section 468B the following: 
‘‘Sec. 468C. Commercial fishing, farm, and ranch risk management accounts.’’. 
(f) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
Æ 
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