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] ...

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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.
                                 <all>

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