A bill to amend the Internal Revenue Code of 1954 to clarify the treatment of certain taxes imposed with respect to sales of residential real property.

Amends the Internal Revenue Code to permit the deductibility of a tax imposed with respect to the sale of real property even though the tax is imposed on an amount less than the gross receipts of the sale.

Provides that a tax imposed for the sale of real property shall not be treated as a general sales tax, and therefore not deductible by the purchaser, unless the tax is separately stated.