Summary: H.R.12152 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.12152. Bill summaries are authored by CRS.

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Introduced in House (02/26/1976)

Amends the Internal Revenue Code to allow taxpayers of any age to exclude from gross income gain from the sale or exchange of property if during the eight year period preceding the sale or exchange, such property has been owned and used as the taxpayer's principal residence for periods aggregating five years or more.

Allows a surviving spouse to tack on the holding and use periods of the decedent spouse without regard to whether such decedent spouse had made an election to exclude gain from a prior sale or exchange.