A bill to amend the Internal Revenue Code of 1986 to provide that farm land adjoining a principal residence qualifies for the one-time exclusion of gain from sale of such residence.

Summary

Amends the Internal Revenue Code to provide that a principal residence includes adjoining farm land for purposes of the one-time exclusion of gain from the sale of a principal residence for individuals who have attained age 55, if such farm land is used by the taxpayer in the active conduct of the trade or business of farming.

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

Timeline

1. 6 February 1992

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 6 February 1992

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 29 April 1992

   Committee

   Subcommittee on Energy and Agricultural Taxation. Hearings held. Hearings printed: S.Hrg. 102-831.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 February 1992

  Open at official source

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Sponsors

• Sen. Kassebaum, Nancy Landon [R-KS] · R · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Cosponsor
• · ssfi00 · Standing

Related records

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