To amend the Internal Revenue Code of 1986 to expand and extend the ability of certain exempt organizations to avoid recognizing a gain on the sale of property used directly in the performance of an exempt function.

Amends the Internal Revenue Code to revise provisions concerning the nonrecognition of gain from the sale of property by exempt organizations, including allowing an organization up to ten years (currently, three years) to purchase other property used directly in the performance of an exempt function.