A bill to amend the Internal Revenue Code of 1986 to modify the involuntary conversion rules for certain disaster-related conversions.

Summary

Amends the Internal Revenue Code to provide special rules with respect to the nonrecognition of gain for principal residences compulsorily or involuntarily converted as a result of a presidentially-declared disaster. Requires the nonrecognition of gain of insurance proceeds for the contents of such residences. Allows insurance proceeds from personal property and real property to be lumped together into one common fund. Extends the time to replace a principal residence from two years to four years.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 February 1993

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 February 1993

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 16 February 1993

  Open at official source

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