SECTION 2. SCOPE

The relief provided in this notice applies for the purpose of calculating any installment of estimated income tax of a taxpayer that makes a valid section 1062 election, with respect to the taxable year of the sale or exchange of qualified farmland property that is the subject of the section 1062 election. The amount of the relief depends on the amount of income tax for which payment is deferred by the section 1062 election.