status as a veteran (as defined in section 101(2) of title 38 United States Code) in the most recent 10-year period, and (B) has not operated a farm for more than 10 years. (5) Young farmer The term young farmer means an individual who has not attained age 46 as of the date of the sale or transfer referred to in subsection (a). (6) Qualified farm property (A) In general The term qualified farm property means real property located in the United States if— (i) during the 5-year period ending on the date of the sale or exchange referred to in subsection (a), such property has been used by the taxpayer or a member of the family of the taxpayer as a farm for farming purposes for periods aggregating 3 years or more, and (ii) there was material participation by the taxpayer or a member of the family of the taxpayer in the operation of the farm during such 3 years. (B) Special rule for qualified farm property held by an entity For purposes of this section, if the taxpayer referred to in paragraph (A) is other than an individual and all of the capital and profits interests of such entity are held by members of a single family, then such members shall be treated as members of the family of such taxpayer. (7) Recapture period The term recapture period means the 10-year period following the sale or exchange of qualified farm property described in subsection (a). (8) Other definitions The terms member of the family , farm , farming purposes , and material participation have the respective meanings given such terms in section 2032A(e). 121B. Exclusion of gain from sale of agricultural conservation easement (a) Exclusion Gross income shall not include gain from the sale or exchange of an agricultural conservation easement. (b) Limitation (1) In general The amount of gain excluded from gross income under subsection (a) with respect to any taxable year shall not exceed the excess, if any of— (A) $500,000 ($1,000,000 in the case of a joint return), over (B) the amount excluded from the gross income of the taxpayer for all prior