Posted: | February 15, 2013 11:22 AM |
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From: | Senator Patrick M. Browne |
To: | All Senate members |
Subject: | Involuntary Conversions under IRC ยง1033 |
In the near future, I will be re-introducing legislation which was Senate Bill 407 in the 2011-12 legislative session. Cosponsors of Senate Bill 407 included: Senators PILEGGI, RAFFERTY, FOLMER, ERICKSON, WAUGH, BOSCOLA, WOZNIAK and FERLO This legislation amends the Tax Reform Code to adopt the provisions of Internal Revenue Code §1033 with respect to involuntary conversions of property. When property is converted involuntarily and a gain results, recognition of that gain may be deferred to the extent that the gain is reinvested in other property that is similar or related in service or use to the converted property. This is an important component of the eminent domain issue which we focused on with the Senate passage of Senate Bill 881 in 2006. |
Introduced as SB776