A bill to amend Sections 856 and 857 of the Internal Revenue Code of 1954 to exclude from the application of the 100% tax on prohibited transactions the sale of certain property held for more than four years and to extend the period during which property may be treated as foreclosure property.

Summary

Amends the Internal Revenue Code to exempt from the 100 percent tax on prohibited transactions by a real estate investment trust the sale of real property if the trust has held such property for at least four years, has not made expenditures for improvement of such property during the four year holding period in excess of 20 percent of the selling price, has not made more than five sales of property in any taxable year, and has held the property for the production of rental income for at least four years. Extends the period during which a real estate investment trust must dispose of its foreclosure property to six years.

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1 official file

• Introduced in House

  summary · EN · 17 August 1978

  Open at official source

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