A bill to provide, for purposes of the Federal income tax, that the one-time exclusion from gross income of gain from the sale of a principal residence by an individual who has attained age 55 shall apply to sales and exchanges after December 31, 1977.

[AI summary unavailable — showing source text] Amends the Revenue Act of 1978 to provide that the one-time exclusion from gross income of the gain from the sale of a principal residences by an individual age 55 or over shall apply to sales and exchanges after December 31, 1977, instead of July 26, 1978.…