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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
See H.R.2264.
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