A bill to extend the period allowed for rollover of gain on the sale of principal residence under section 1034 of the Internal Revenue Code of 1954 in the case of members of the Armed Forces who are stationed outside the United States or are required to reside in Government quarters.

Summary

Amends the Internal Revenue Code to provide that the suspension of the two year period in which an individual must purchase a new residence for nonrecognition of gain on the sale of an old residence which is granted to members of the armed forces who are stationed overseas or who are required to reside in Government-owned quarters shall be extended to the later of four years after the date of the sale of the old residence (as currently provided) or one year after the date on which the taxpayer is no longer stationed overseas or required to reside in Government-owned quarters.

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1 official file

• Introduced in House

  summary · EN · 19 June 1984

  Open at official source

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