A bill to amend the Internal Revenue Code of 1986 to technically clarify the calculation of the basis of real property for purposes of computing gain or loss from sale.
Real Estate Tax Basis Calculation Technical Correction Act of 1990 - Amends the Internal Revenue Code, with respect to the adjusted basis for determining the gain or loss from the sale or other disposition of property, to provide that the cost of real property shall include the estimated costs of future improvements to such property that the seller is contractually obligated to make at the time of sale.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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