[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 357 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 357

To amend the Internal Revenue Code of 1986 to provide that the one-time 
 exclusion of gain from sale of a principal residence shall apply to a 
       portion of the farmland on which the residence is located.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

 Mr. Slattery introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide that the one-time 
 exclusion of gain from sale of a principal residence shall apply to a 
       portion of the farmland on which the residence is located.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TREATMENT OF FARMLAND SOLD WITH RESIDENCE UNDER ONE-TIME 
              EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE.

    (a) In General.--Subsection (d) of section 121 of the Internal 
Revenue Code of 1986 (relating to one-time exclusion of gain from sale 
of principal residence by individual who has attained age 55) is 
amended by adding at the end thereof the following new paragraph:
            ``(10) Treatment of farmland sold with residence.--If--
                    ``(A) a parcel of farmland on which is located a 
                residence with respect to which the taxpayer meets the 
                holding and use requirements of subsection (a) is sold 
                with such residence,
                    ``(B) the taxpayer meets the holding requirements 
                of subsection (a) with respect to such farmland, and
                    ``(C) the taxpayer meets requirements similar to 
                the requirements of section 2032A(b)(1)(C) with respect 
                to such farmland,
        notwithstanding paragraph (5), the taxpayer shall be treated as 
        meeting the use requirements of subsection (a) with respect to 
        so much of such parcel as does not exceed 160 acres and with 
        respect to structures thereon.''
    (b) Effective Date.--The amendment made by this section shall apply 
to sales or exchanges after December 31, 1992.

                                 <all>