A bill to amend section 1034 of the Internal Revenue Code of 1954 (relating to nontaxable sale or exchange of taxpayer's residence) to provide an extended period for the purchase of a new residence in the case of certain temporary foreign assignments.

Includes members of the Armed Forces who serve on a qualified temporary foreign assignment within those eligible for the Internal Revenue Code provisions granting an extended period to qualify for nonrecognition of gain on the sale or exchange of a residence. (Amends 26 U.S.C. 1034(h))