A bill to amend the Internal Revenue Code of 1954 to provide a one-time exclusion from gross income of gain from the sale of property used in a trade or business by an individual who has attained age 65.

Summary

Amends the Internal Revenue Code to provide a one-time exclusion from gross income of gain from the sale of property in complete liquidation used in a trade or business for the last ten years by an individual who has attained age 65. Limits the amount of gain excludible from gross income to $125,000. Requires that an election for the nonrecognition treatment be made by both a husband and wife if there is joint ownership of the property. Provides that the destruction, theft, requisition, or condemnation of such property shall be treated as the sale of property for purposes of this exclusion.

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Documents

1 official file

• Introduced in House

  summary · EN · 29 March 1984

  Open at official source

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