A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of certain conversions of residential rental property into condominium units.

reportedUnited States· United States Congress· EN

Introduced

6 January 1983

Last action

—

Status

Ordered to be Reported (Amended).

Summary

Amends the Internal Revenue Code to permit the owner of residential rental property to elect to treat gain from the conversion of such property into condominium units as capital gain. Treats any gain from the sale of such units as ordinary income to the extent that such gain exceeds the fair market value of the property. Provides that the fair market value of the rental property shall be determined immediately before conversion and without regard to improvements made in anticipation of such conversion.

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Documents

1 official file

Introduced in House
summary · EN · 6 January 1983
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/98th-congress/house-bill/699
Open data entity: https://api.congress.gov/v3/bill/98/hr/699