H.R. 7269 would amend the Internal Revenue Code of 1986 to exclude from gross income gain from the sale of troubled assets.
Detailed Summary
Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of a qualified mortgage or mortgage-related security held for more than one year. Defines "qualified mortgage or mortgage-related security" as any residential or commercial mortgage (or any security, obligation, or other instrument that is based on or related to such a mortgage) that was originated or issued on or before March 14, 2008, and was acquired by the taxpayer after the enactment of this Act and before January 1, 2009.
Status of the Legislation
Latest Major Action: 10/3/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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