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 such corporation if such distribution is in exchange for the stockholder's stock in such corporation; and (2) no gain or loss shall be recognized to a stockholder of such corporation on the transfer of such stockholder's stock in an exchange described in clause (1). Provides for determining the basis of a dwelling unit.…