A bill to provide for a special application of section 1034 (c) of the Internal Revenue Code of 1954.

Summary

Requires the Secretary of the Treasury, in administering Internal Revenue Code provisions with respect to nonrecognition of gain on the sale or exchange of a residence, to extend from two years to five years the nonrecognition qualification period in the case of an individual who: (1) sold his principal residence in 1977; (2) purchased property on which to construct a new principal residence; (3) commenced construction in the same year; (4) brought an action against the builder when the construction was terminated before completion; (5) suspended construction so that the partially constructed residence could be used as evidence in connection with the prosecution of such builder; and (6) obtained judgement but failed to meet the statutory requirements with respect to occupancy of the new principal residence because of such suspension of construction.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 20 December 1979

  Open at official source

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