A bill to provide that certain amounts received by a qualified cooperative housing corporation in connection with the refinancing of indebtedness of such corporation shall not be subject to Federal income tax, and for other purposes.

Summary

Amends the Internal Revenue Code to exclude from the gross income of a qualified cooperative housing corporation certain amounts, for closing costs or the creation of a reserve for the qualified cooperative housing corporation, received in connection with the refinancing of the indebtedness of such corporation. Provides that, with respect to any payment from a qualified refinancing-related reserve out of amounts excluded from gross income, no deduction shall be allowed in computing its income, and the basis of any property acquired with such payment shall be reduced by the amount of such payment.

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1 official file

• Introduced in House

  summary · EN · 15 April 1986

  Open at official source

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