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- H.R.1204
H.R.1204: To amend the Internal Revenue Code of 1986 to provide that the sale of a life estate or a remainder interest in a principal residence qualifies for the one-time exclusion of gain on sale of a principal residence.
About This Bill
- This bill was introduced in the 105th Congress
- This bill is primarily about taxation
- Introduced March 20, 1997
- Latest Major Action March 20, 1997
Bill Sponsor
Bill Cosponsors
7 (2 Democrats, 6 Republicans)
Bill Summary
Amends the Internal Revenue Code to exclude from gain the sale of a life estate or a remainder interest in a principal residence by a person eligible for the one-time "55 years or older" exclusion of gain from the sale of such residence. Stipulates that such provision shall not apply to related party sales.
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
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Sponsor introductory remarks on measure.
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Referred to the House Committee on Ways and Means.
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| March 20, 1997 |
Introduced in the House by William M. Thomas (R-Calif.) |