A bill to amend the Internal Revenue Code of 1954 to clarify the application of the imputed interest and interest accrual rules in the case of sales of residences, farms, and real property used in a trade or business.

openUnited States· United States Congress· EN

Introduced

31 July 1984

Last action

—

Status

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

Summary

Amends the Internal Revenue Code to reduce the rate of imputed interest for: (1) the first $250,000 of the sale price of residential property sold by an individual; (2) the first $1,500,000 of the sale price of farm property sold by an individual, partnership, estate or small business corporation; and (3) the first $500,000 of the sale price of real property associated with the sale of a trade or business.

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Documents

1 official file

Introduced in Senate
summary · EN · 31 July 1984
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/98th-congress/senate-bill/2894
Open data entity: https://api.congress.gov/v3/bill/98/s/2894