A bill to amend the Internal Revenue Code of 1954 to waive in certain cases the residency requirements for deductions or exclusions of individuals living abroad, to allow the tax-free rollover of certain distributions from money purchase pension plans, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit the waiver of residency requirements for individuals residing in a foreign country who claim income tax deductions for living expenses incurred in such country, if such individuals are prevented from conducting normal business in such country due to war, civil unrest, or similar adverse conditions, and such individuals prove to the satisfaction of the Secretary of the Treasury that they would have met such residency requirements under normal conditions. Permits a taxpayer to roll over complete distributions from a money purchase pension plan or report income from such distribution according to the ten-year income averaging rules, even if there is no similar distribution from another pension plan of the same employer in which the taxpayer is a participant. Raises the age requirement for youths participating in the qualified cooperative education program from 16-19 to 16-20, for purposes of the targeted jobs credit. Provides that, with respect to any sale of real property during 1976, indebtedness incurred before January 1, 1965 by a tax-exempt organization to finance the construction of a building on such property shall not be treated as ac…