I 111th CONGRESS 1st Session H. R. 3440 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 A BILL To amend the Internal Revenue Code of 1986 to allow dealers in real estate to use the installment sales method.

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.