A bill to amend the Internal Revenue Code of 1954 to exclude from gross income gain from sales of real property to certain organizations for use for conservation purposes, and for other purposes.

Summary

Amends the Internal Revenue Code to exclude from gross income gain from the sale of real property to certain organizations for use for conservation purposes. Requires that such sale be on the installment method and that such conservation purpose be protected in perpetuity. Disallows such exclusion in the case of involuntary conversions. Allows an extension of time for payment of estate taxes in the case of acquisitions from a decedent's estate of real property by qualified organizations used for conservation purposes. Limits such extension to ten years after the decedent's death.

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1 official file

• Introduced in House

  summary · EN · 21 May 1982

  Open at official source

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