To amend the Internal Revenue Code of 1986 to allow farmland sold during the same taxable year as the farmer's principal residence to be eligible for the $125,000 exclusion of gain on sale of a principal residence.

referredUnited States· United States Congress· EN

Introduced

1 August 1990

Last action

—

Status

Referred to the House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to allow a taxpayer to include farm property sold during the same taxable year as a principal residence in the one-time exclusion of gain from sale of a principal residence by an individual who has attained age 55. Sets forth a formula limiting the extent of such exclusion.

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Documents

2 official files

Introduced in House (text)

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Introduced in House (text)
Introduced in House · EN
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Introduced in House
summary · EN · 1 August 1990
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Sources

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Official source: https://www.congress.gov/bill/101st-congress/house-bill/5429
Open data entity: https://api.congress.gov/v3/bill/101/hr/5429