A bill to amend the Internal Revenue Code of 1986 to provide tax relief for the conversion of cooperative housing corporations into condominiums.

Summary

Revises Internal Revenue Code provisions concerning distributions by cooperative housing corporations to provide that: (1) no gain or loss shall be recognized to a cooperative housing corporation on the distribution by such corporation of a dwelling unit to a stockholder in such corporation if such distribution is in exchange for the stockholder's stock in such corporation; and (2) no gain or loss shall be recognized to a stockholder of such corporation on the transfer of such stockholder's stock in an exchange described in clause (1). Provides for determining the basis of a dwelling unit.

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

Timeline

1. 7 January 2003

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S59)

   Source: IntroReferral

2. 7 January 2003

   Introduced

   Sponsor introductory remarks on measure. (CR S59)

   Source: IntroReferral

3. 7 January 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 7 January 2003 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 7 January 2003

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 7 January 2003

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 7 January 2003

  Open at official source

Sponsors

• Sen. Inouye, Daniel K. [D-HI] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to provide tax relief for the conversion of cooperative housing corporations into condominiums.