[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3440 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3440

  To amend the Internal Revenue Code of 1986 to allow dealers in real 
              estate to use the installment sales method.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 31, 2009

  Mr. Pascrell (for himself, Mr. Roskam, Mr. Adler of New Jersey, Mr. 
    Lance, and Mr. Cantor) 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 allow dealers in real 
              estate to use the installment sales method.

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

SECTION 1. DEALERS IN REAL ESTATE ALLOWED TO USE INSTALLMENT SALES 
              METHOD.

    (a) In General.--Paragraph (1) of section 453(l) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(1) In general.--The term `dealer disposition' means any 
        disposition of personal property by a person who regularly 
        sells or otherwise disposes of personal property of the same 
        type on the installment plan.''.
    (b) Conforming Amendments.--
            (1) Paragraph (2) of section 453(l) of such Code is 
        amended--
                    (A) by striking subparagraph (B),
                    (B) by redesignating subparagraph (C) as 
                subparagraph (B), and
                    (C) by striking ``or (B)'' in subparagraph (B), as 
                redesignated by this paragraph.
            (2) Subsection (l) of section 453 of such Code is amended 
        by striking paragraph (3).
    (c) Effective Date.--The amendments made by this section shall 
apply to dispositions of property after the date of the enactment of 
this Act.
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