A bill to amend section 1033 of the Internal Revenue Code of 1954 with respect to involuntary conversions of real property.

[AI summary unavailable — showing source text] Provides that, with respect to involuntary conversions of real property as a result of seizure, requisition, or condemnation, gain shall be recognized under the Internal Revenue Code only to the extent that the amount realized upon such conversion exceeds the cost of the replacement property even if such property is not related in service or use to the involuntarily converted property.…