A bill to amend section 121 of the Internal Revenue Code of 1954 (relating to gain from sale or exchange of residence of individual who has attained age 65) to lower to 60 the age at which the benefits of that section may be elected and to increase the amount of gain which may be excluded under such section.

[AI summary unavailable — showing source text] Lowers to age 60 (previously 65) the age at which benefits under the Internal Revenue Code relating to gain from sale or exchange of residence may be elected to be excluded from gross income. Increases the amount of gain which may be excluded through such election. (Amends 26 U.S.C. 121)…