Installment Sales Revision Act of 1980

[AI summary unavailable — showing source text] Installment Sales Revision Act of 1980 - Amends the Internal Revenue Code to revise the rules for reporting gain on the sale of real and personal property under the installment sales method. Eliminates the requirement that the seller, under an installment sales agreement, receive no more than 30 percent of the selling price in the taxable year of the sale. Eliminates the $1,000 minimum sales price requirement with respect to the casual sale of personalty under an installment sales agreement. Defines "installment sale" as a disposition of property in which at least one payment is made after the taxable year in which the disposition occurs (presently, Internal Revenue Service regulations require two or more subsequent payments). Excludes from installment sales treatment dispositions of personal property by individuals who regularly deal in such property and dispositions of inventories of personal property. Provides that all sales of real and personal property which qualify under the terms of this Act as installment sales shall be automatically treated as such, unless the taxpayer elects out of such treatment. Accelerates the recognition of gain from the installment sale of property (…