A bill to amend the Internal Revenue Code of 1954 to deny the benefits of the accelerated cost recovery system to residential real property acquired from the Federal Government in a sale without competitive bidding.

referredUnited States· United States Congress· EN

Introduced

25 May 1982

Last action

—

Status

Referred to House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to exclude from eligibility for accelerated cost recovery residential real property acquired from the Government in a sale without competitive bidding. Provides that such property shall be depreciated by using the straight line method over a recovery period of 40 years.

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Documents

1 official file

Introduced in House
summary · EN · 25 May 1982
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/97th-congress/house-bill/6487
Open data entity: https://api.congress.gov/v3/bill/97/hr/6487