A bill to amend the Internal Revenue Code of 1954 with respect to the period for including in gross income certain advance payments accrued by life care communities.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit an accrual basis taxpayer who operates a life care community to include in gross income over a ten year period an amount paid by an individual incident to becoming a resident of such life care community. Defines "life care community" as a community owned or leased by the taxpayer which provides housing and health care services for permanent residents (age 60 or older) and which contains separate dwelling units available for rental for at least 100 residents.…