[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1301 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1301

   To amend the Internal Revenue Code of 1986 to suspend the 180-day 
   period for completion of a like-kind exchange in the case of the 
  bankruptcy of a qualified intermediary or an exchange accommodation 
                              titleholder.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 4, 2009

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

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                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to suspend the 180-day 
   period for completion of a like-kind exchange in the case of the 
  bankruptcy of a qualified intermediary or an exchange accommodation 
                              titleholder.

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

SECTION 1. SUSPENSION OF 180-DAY PERIOD FOR CERTAIN LIKE-KIND EXCHANGES 
              INVOLVING BANKRUPTCY OF APPLICABLE EXCHANGE FACILITATOR.

    (a) In General.--Subsection (a) of section 1031 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(4) Special rule for like-kind exchanges involving 
        bankruptcy of applicable exchange facilitators.--
                    ``(A) In general.--In the case of any property--
                            ``(i) which is identified to be received in 
                        the exchange, and
                            ``(ii) which may not be received on any day 
                        solely by reason of an applicable exchange 
                        facilitator being a debtor in a title 11 or 
                        similar case (as defined in section 
                        368(a)(3)(A)),
                such day shall not be taken into account for purposes 
                of paragraph (3)(B), and clause (ii) thereof shall not 
                apply with respect to such property.
                    ``(B) Applicable exchange facilitator.--For 
                purposes of this paragraph, the term `applicable 
                exchange facilitator' means any person who holds 
                property, or proceeds from the transfer of property, 
                for the benefit of the taxpayer to facilitate an 
                exchange which is intended to be within the provisions 
                of this subsection.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to transfers in taxable years ending after the date of the 
enactment of this Act.
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