S. 3123 (102nd): A bill to amend the Internal Revenue Code of 1986 to modify the involuntary conversion rules for certain disaster-related conversions.

Aug 03, 1992 (102nd Congress, 1991–1992)
Died (Referred to Committee)
John Seymour
Senator from California
Related Bills
H.R. 5640 (identical)

Passed House
Last Action: Jul 27, 1992


This bill was introduced on August 3, 1992, in a previous session of Congress, but was not enacted.

Introduced Aug 03, 1992
Referred to Committee Aug 03, 1992

No summaries available.

2 cosponsors (1D, 1R) (show)

Senate Finance

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Primary Source

THOMAS.gov (The Library of Congress)

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S. stands for Senate bill.

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Amends the Internal Revenue Code to provide special rules with respect to the nonrecognition of gain for principal residences compulsorily or involuntarily converted as a result of a presidentially-declared disaster.
Requires the nonrecognition of gain of insurance proceeds for the contents of such residences.
Allows insurance proceeds from personal property and real property to be lumped together into one common fund.
Extends the time to replace a principal residence from two years to four years.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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