A bill to amend the Internal Revenue Code of 1954 to allow an individual to exclude from gross income the gain from the sale or exchange of the individual's principal residence.

Summary

Amends the Internal Revenue Code to allow taxpayers of any age to exclude from gross income gain from the sale or exchange of property if during the eight year period preceding the sale or exchange, such property has been owned and used as the taxpayer's principal residence for periods aggregating five years or more. Allows a surviving spouse to tack on the holding and use periods of the decedent spouse without regard to whether such decedent spouse had made an election to exclude gain from a prior sale or exchange.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 4 August 1976

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 4 August 1976

   Introduced

   Introduced in House

   Source: IntroReferral

3. 4 August 1976

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 4 August 1976

  Open at official source

Sponsors

• Rep. McKinney, Stewart B. [R-CT-4] · R · Sponsor
• Rep. Anderson, John B. [R-IL-16] · R · Cosponsor
• Rep. Duncan, John J. [R-TN-2] · R · Cosponsor
• Rep. Gude, Gilbert [R-MD-8] · R · Cosponsor
• Rep. LaFalce, John J. [D-NY-29] · D · Cosponsor
• Rep. McClory, Robert [R-IL-13] · R · Cosponsor
• Rep. Sarasin, Ronald A. [R-CT-5] · R · Cosponsor
• Rep. Thompson, Frank, Jr. [D-NJ-4] · D · Cosponsor
• Rep. Wilson, Robert C. [R-CA-41] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code of 1954 to allow an individual to exclude from gross income the gain from the sale or exchange of the individual's principal residence.