To amend the Internal Revenue Code of 1986 to provide tax relief for the conversion of cooperative housing corporations into condominiums.

[AI summary unavailable — showing source text] Revises Internal Revenue Code provisions concerning distributions by cooperative housing corporations to provide that: (1) no gain or loss shall be recognized to a cooperative housing corporation on the distribution by such corporation of a dwelling unit to a stockholder in exchange for the stockholder's stock (in such corporation); and (2) no gain or loss shall be recognized to the stockholder as a result of such exchange.…