A bill to amend the Internal Revenue Code of 1954 to extend the period within which certain members of the Armed Forces must purchase a new residence to rollover gain on the sale of an old residence.

Summary

Amends the Internal Revenue Code to provide that the suspension of the 18-month 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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Documents

1 official file

• Introduced in Senate

  summary · EN · 11 May 1981

  Open at official source

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