I 111th CONGRESS 2d Session H. R. 5639 IN THE HOUSE OF REPRESENTATIVES June 29, 2010 Mr. Stearns 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 exclude executive branch officers and employees from nonrecognition rules relating to the sale of property to comply with conflict-of-interest requirements.

1.

Exclusion of executive branch officers and employees from conflict-of-interest nonrecognition rules

(a)

In general

Subparagraph (A) of section 1043(b)(1) of the Internal Revenue Code of 1986 is amended by striking an officer or employee of the executive branch, or a judicial officer, and inserting a judicial officer. (b)

Conforming amendments

(1)Paragraphs (1)(A) and (5)(B) of section 1043(b) of such Code are each amended by striking judicial canon, or executive order and inserting or judicial canon. (2)(A)Subparagraph (A) of section 1043(b)(2) of such Code is amended by striking judicial canon, or executive order and all that follows through Code) and inserting or judicial canon. (B)Subparagraph (B) of section 1043(b)(2) of such Code is amended to read as follows: (B)that has been issued by the Judicial Conference of the United States (or its designee), and . (c)

Effective date

The amendment made by this section shall apply to sales after the date of the enactment of this Act.