A bill to amend section 453(b) of the Internal Revenue Code of 1954 to simplify the rules relating to certain installment sales.

Summary

Amends the Internal Revenue Code to eliminate the requirement that the seller, under an installment sales agreement, receive no more than 30 percent of the selling price in the taxable year of the sale. Requires that the selling price of personal property exceed $3,000 (presently $1,000). Eliminates the requirement that a transaction under the installment sales method must involve two or more payments. Denies installment sales treatment for transactions (except stock redemptions) between related individuals. Requires a decedent's undischarged installment sales obligation to be treated as income in respect of a decedent.

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1 official file

• Introduced in House

  summary · EN · 2 May 1979

  Open at official source

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