To amend the Internal Revenue Code of 1986 to apply the special valuation rules to grantor retained interests involving residential property other than a principal residence.

Amends the Internal Revenue Code to provide that special valuation rules in the case of transfers of interests in trusts do not apply to principal residences. (Current law refers to personal residences. This change would apply such rules to personal residences other than a principal residence.)

 
HR 4307 IH
102d CONGRESS
2d Session
 H. R. 4307
To amend the Internal Revenue Code of 1986 to apply the special valuation
rules to grantor retained interests involving residential property other
than a principal residence.
IN THE HOUSE OF REPRESENTATIVES
February 25, 1992
Mr. MOODY introduced the following bill; which was referred to the Committee
on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to apply the special valuation
rules to grantor retained interests involving residential property other
than a principal residence.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. APPLICABILITY OF SPECIAL VALUATION RULES TO GRANTOR RETAINED
INTERESTS INVOLVING RESIDENTIAL PROPERTY OTHER THAN A PRINCIPAL RESIDENCE.
  (a) IN GENERAL- Clause (ii) of section 2702(a)(3)(A) of the Internal
  Revenue Code of 1986 (relating to exceptions) is amended by striking
  `personal residence' and inserting `principal residence (within the meaning
  of section 1034)'.
  (b) EFFECTIVE DATE- The amendment made by this section shall apply to
  transfers after the date of the enactment of this Act.