A bill to amend the Internal Revenue Code of 1954 to provide that gain from the sale or exchange of an individual's principal residence shall be excluded from gross income.

[AI summary unavailable — showing source text] Excludes from gross income under the Internal Revenue Code the gain from the sale or exchange of property which, during the 8-year period ending on the date of the sale or exchange, has been owned and used by the taxpayer as his principal residence for periods aggregating 5 years or more (presently limited to individuals age 65 or over). Sets forth special rules governing: (1) property held jointly by husband and wife; (2) property of a deceased spouse; (3) tenant-stockholders in a cooperative housing corporation; and (4) involuntary conversions.…