Amends the Internal Revenue Code to permit the owner of residential rental property to elect to treat gain from the conversion of such property into condominium units as capital gain. Treats any gain from the sale of such units as ordinary income to the extent that such gain exceeds the fair market value of the property.
Provides that the fair market value of the rental property shall be determined immediately before conversion and without regard to improvements made in anticipation of such conversion.
Became Public Law No: 98-369.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Select Revenue Measures.
Subcommittee Hearings Held.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended).
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended).
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