1. (a) Amounts received by a business organization from the state of New Hampshire for the purchase of agricultural land development rights shall constitute gross business income within the meaning of RSA 77-A:1, VI, as gross proceeds from the sale of assets used in the trade or business.
2. (b) The gain or loss realized from the sale in (a), above, shall be includible in the gross business profits of a business organization if such asset is compatible with the underlying business activity.
3. (c) The gain or loss on the sale of agricultural land development rights to the state of New Hampshire by a farmer shall not constitute the sale of a business asset.
4. (d) The gain or loss on the sale of agricultural land development rights to the state of New Hampshire by a lessor shall constitute the disposition of a portion of the assets used in the trade or business of the business organization if it diminishes or destroys the underlying business activity of leasing.

Source. #4192, eff 12-23-86; ss by #5490, eff 10-19-92; ss by #6853, eff 9-23-98; ss by #8709, eff 8-25-06; ss by #10758, eff 1-16-15; ss by #14231, eff 4-3-25, EXPIRES 4-3-35