Home > 106th Congressional Bills > S. 590 (is) To amend the Internal Revenue Code of 1986 to repeal the percentage depletion allowance for certain hardrock mines, and for other purposes. [Introduced in Senate] ...
S. 590 (is) To amend the Internal Revenue Code of 1986 to repeal the percentage depletion allowance for certain hardrock mines, and for other purposes. [Introduced in Senate] ...
108th CONGRESS
1st Session
S. 58
To amend the Internal Revenue Code of 1986 to provide tax relief for
the conversion of cooperative housing corporations into condominiums.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 7, 2003
Mr. Inouye introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide tax relief for
the conversion of cooperative housing corporations into condominiums.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. NONRECOGNITION OF GAIN OR LOSS ON DISTRIBUTIONS BY
COOPERATIVE HOUSING CORPORATIONS.
(a) In General.--Section 216(e) of the Internal Revenue Code of
1986 (relating to distributions by cooperative housing corporations) is
amended to read as follows:
``(e) Distributions by Cooperative Housing Corporations.--
``(1) In general.--Except as provided in regulations--
``(A) no gain or loss shall be recognized to a
cooperative housing corporation on the distribution by
such corporation of a dwelling unit to a stockholder in
such corporation if such distribution is in exchange
for the stockholder's stock in such corporation, and
``(B) no gain or loss shall be recognized to a
stockholder of such corporation on the transfer of such
stockholder's stock in an exchange described in
subparagraph (A).
``(2) Basis.--The basis of a dwelling unit acquired in a
distribution to which paragraph (1) applies shall be the same
as the basis of the stock in the cooperative housing
corporation for which it is exchanged, decreased in the amount
of any money received by the taxpayer in such exchange.
``(3) Applicability.--This subsection shall not apply with
respect to any dwelling unit the basis of which includes
financing under any Federal, State, or local program for the
purpose of assisting the construction of affordable housing
cooperatives or the conversion of rental units to affordable
housing cooperatives.''.
(b) Effective Date.--The amendment made by this section shall apply
to distributions after the date of the enactment of this Act.
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