years, and (II) will materially and substantially participate in the operation of the farm or ranch. (ii) Material and substantial participation For purposes of clause (i), the term material and substantial participation means— (I) in the case of an individual, that the individual provides substantial day-to-day labor and management of the farm or ranch, consistent with the practices in the county or State where the farm is located, and (II) in the case of an entity, that all shareholders, holders of a capital or profits interest in the case of a partnership, or holders of a beneficial interest in the case of a trust or cooperative provide some amount of the management or labor necessary for day-to-day activities such that if each of the members did not provide these inputs, operation of the farm or ranch would be seriously impaired. (iii) Predecessor Any predecessor of any entity shall be treated as such entity for purposes of clause (i)(I). (iv) Aggregation rules All persons which are treated as a single employer under subsections (a) and (b) of section 52 shall be treated as a single employer for purposes of this subparagraph. (2) Qualified farming property (A) In general The term qualified farming property means any property— (i) which is used in the trade or business of farming or ranching in the United States, and (ii) which is— (I) property of a character subject to an allowance for depreciation, or (II) land used for the production of crops, fruits, or other agricultural products or for the sustenance of livestock. In the case of any tree, vine, or livestock which is not subject to an allowance for depreciation solely by reason of not having reached the income-producing stage or age of maturity, as the case may be, such tree, vine, or livestock shall be treated as property of a character subject to an allowance for depreciation for purposes of this section. (B) Land use must be restricted agricultural use Such term shall not include any land which is not subject to a State agricultural land preservation