[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1213 Introduced in House (IH)]

  1st Session
                                H. R. 1213

   To amend the Internal Revenue Code of 1986 to make S corporations 
eligible for the rules applicable to real property subdivided for sale 
                       by noncorporate taxpayers.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 10, 1995

  Mr. Stark 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 make S corporations 
eligible for the rules applicable to real property subdivided for sale 
                       by noncorporate taxpayers.

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

SECTION 1. S CORPORATIONS ELIGIBLE FOR RULES APPLICABLE TO REAL 
              PROPERTY SUBDIVIDED FOR SALE BY NONCORPORATE TAXPAYERS.

    (a) In General.--Subsection (a) of section 1237 of the Internal 
Revenue Code of 1986 (relating to real property subdivided for sale) is 
amended by striking ``other than a corporation'' and inserting ``other 
than a C corporation''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to sales after January 1, 1992 (and to sales and exchanges on or 
before such date for purposes of determining whether the treatment 
under section 1237(a) of the Internal Revenue Code of 1986 applies to 
any sale after such date).
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