A bill to provide that recent amendments of section 1239 of the Internal Revenue Code of 1954 shall not apply to a disposition of property if a private letter ruling, issued before the enactment of the amendments, provided that such section would not apply to the disposition.

Amends the Installment Sales Revision Act of 1980 to provide that gain from the sale of depreciable property between certain related taxpayers shall not be treated as ordinary income if a private letter ruling issued by the Internal Revenue Service before such Act would not require such treatment.