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United States · Bill · S

S. 1063 (98th)

A bill to exclude from gross income any discharge of a mortgage debt on a principal residence occurring in 1982, and for other purposes.

openUnited States· United States Congress· EN

Introduced

15 April 1983

Last action

20 April 1983 · Committee

Status

Committee on Finance requested executive comment from OMB, Treasury Department.

Sponsors

Sen. DeConcini, Dennis [D-AZ], Sen. Nunn, Sam [D-GA], Sen. Garn, E. J. (Jake) [R-UT], Sen. Inouye, Daniel K. [D-HI], Sen. Huddleston, Walter (Dee) [D-KY], Sen. Bumpers, Dale [D-AR]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceView documentsShare

Summary

Excludes from gross income, for income tax purposes, any discharge of residential mortgage indebtedness which occurred in calendar year 1982. Limits the amount excludible to the adjusted basis of the taxpayer in the principal residence with respect to which the mortgage indebtedness was incurred. Reduces the basis of the principal residence by the amount of any discharge of mortgage indebtedness. Treats any gain recognized from the disposition of a principal residence as ordinary income to the extent such gain does not exceed the amount of the reduction in basis. Suspends the application of Revenue Ruling 82-202 for calendar years 1983 and 1984, (holding that income is realized on the discharge of indebtedness by prepayment of a mortgage balance at a discount). Expresses the sense of the Congress that legislation be enacted which addresses the Federal income tax consequences of discharge of residential mortgage indebtedness that result from prepayment of such indebtedness and which applies to discharge of mortgage indebtedness that occurs after December 31, 1982.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 15 April 1983

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 15 April 1983

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 20 April 1983

    Committee

    Committee on Finance requested executive comment from OMB, Treasury Department.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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