[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1400.101]

[Page 329-330]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1400_PAYMENT LIMITATION AND PAYMENT ELIGIBILITY--Table of Contents
 
                     Subpart B_Person Determinations
 
Sec. 1400.101  Limited partnerships, limited liability partnerships, limited 

liability companies, corporations and other similar entities.

    (a) A limited partnership, limited liability partnership, limited 
liability company, corporation, or other similar entity shall be 
considered to be a person separate from an individual partner, 
stockholder, or member except that a limited partnership, limited 
liability partnership, limited liability corporation, corporation, or 
other similar entity in which more than 50 percent of the interest in 
such limited partnership, limited liability partnership, limited 
liability corporation, corporation, or other similar entity is owned by 
an individual (including the interest owned by the individual's spouse, 
minor children, and trusts for the benefit of such minor children) or by 
an entity shall not be considered as a separate person from such 
individual or entity.
    (b) If the same two or more individuals or entities own more than 50 
percent of the interest in each of two or more limited partnerships, 
corporations, or other similar entities engaged in farming, all such 
limited partnerships, limited liability partnership, limited liability 
company, corporations, or other similar entities shall be considered to 
be one person.
    (c) The percentage share of the interest in a limited partnership, 
limited liability partnership, limited liability company, corporation, 
or other similar entity that is owned by an individual or other entity 
shall be determined as of the status date set forth in paragraph (a) of 
this section. If a partner, stockholder, or member acquires an interest 
in the limited partnership, corporation, or other similar entity after 
such date, and on or before the harvest of the last contract commodity 
in the area as determined by the Deputy Administrator, the amount of any 
such interest shall be included in determining the total ownership 
interest of such partner, stockholder, or member.

[[Page 330]]

    (d) Where there is only one class of stock or other similar unit of 
ownership, an individual's or entity's percentage share of the limited 
partnership, limited liability partnership, limited liability company, 
corporation, or other similar entity shall be based upon the outstanding 
shares of stock or other similar unit of ownership held by the 
individual or entity and compared to the total outstanding shares of 
stock or other similar unit of ownership. If the limited partnership, 
limited liability partnership, limited liability company, corporation, 
or other similar entity has more than one class of stock or other unit 
of ownership, the percentage share of the limited partnership, limited 
liability partnership, limited liability company, corporation, or other 
similar entity owned by an individual or entity shall be determined by 
the Deputy Administrator on the basis of market quotations. If market 
quotations are lacking or are too scarce to be recognized, such 
percentage share shall be determined by the Deputy Administrator on the 
basis of all relevant factors affecting the fair market value of such 
stock or other unit of ownership, including the various rights and 
privileges that are attributed to each such class.