A bill to amend the Internal Revenue Code of 1954 to provide an exclusion from income for so much of the gain from the sale or exchange of an individual's residence which reflects monetary inflation during the period of ownership.

[AI summary unavailable — showing source text] Provides for income tax purposes that, in the case of an individual, gross income does not include so much of any gain from the sale or exchange of property used by the taxpayer as his principal residence as is equal to the inflation allowance. Defines "inflation allowance" as such portion of any gain upon the sale or exchange of property as has resulted from monetary inflation, as determined under regulations prescribed by the Secretary of the Treasury or his delegate. Prescribes how the inflation allowance shall be calculated. States that, for purposes of this Act, the destruction, theft, seizure, requisition, or condemnation of property shall be treated as the sale of such property.…