A Bill to to amend the Internal Revenue of 1954 with respect to the period for including in gross income certain advance payments accrued by life care communities.

Summary

Amends the Internal Revenue Code to permit an accrual basis taxpayer who operates a life care community to include in gross income over a ten-year period an amount paid by an individual incident to becoming a resident of such life care community. Defines "life care community" as a community owned or leased by the taxpayer which provides housing and health care services for permanent residents (age 60 or older) and which contains separate dwelling units available for rental for at least 100 residents.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 29 September 1978

  Open at official source

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