[Congressional Record (Bound Edition), Volume 155 (2009), Part 20]
[Senate]
[Page 26866]
[From the U.S. Government Publishing Office, www.gpo.gov]




             SETTLEMENT STATEMENTS AND MANUFACTURED HOUSING

  Mr. NELSON of Florida. Mr. Chairman, the amendment requires the 
taxpayer to provide a settlement statement to the IRS as proof that a 
home was purchased. While I support that requirement, the fact is that 
there is no settlement statement in the case of a manufactured home 
that is purchased and will be either sited on land already owned by the 
home buyer or sited on land to be leased by the home buyer. In those 
instances, a retail sales contract is used to purchase the home. This 
contract contains all of the truth in lending disclosures, as well as 
all the itemized disbursements relating to the transaction. Mr. 
Chairman, is it the view of the Senate that the IRS should accept 
retail sales contracts as proof of purchase in the event that a 
settlement statement is not available to the taxpayer?
  Mr. BAUCUS. The Senator from Florida is correct. The purpose of the 
legislation is to eliminate fraud by requiring documentation of the 
proof of purchase. It is the Senate's intent that the IRS should accept 
retail sales contracts from taxpayers as proof of purchase of a 
manufactured home in the event that a settlement statement is not 
available.
  Mrs. LINCOLN. I thank the chairman very much for that important 
clarification which will provide more certainty for our constituents 
who wish to purchase a manufactured home.

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