Summary: H.R.6465 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for H.R.6465. Bill summaries are authored by CRS.

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Introduced in House (05/21/1982)

Amends the Internal Revenue Code to exclude from gross income gain from the sale of real property to certain organizations for use for conservation purposes. Requires that such sale be on the installment method and that such conservation purpose be protected in perpetuity.

Disallows such exclusion in the case of involuntary conversions.

Allows an extension of time for payment of estate taxes in the case of acquisitions from a decedent's estate of real property by qualified organizations used for conservation purposes. Limits such extension to ten years after the decedent's death.