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 Internal Revenue Code to provide that the tax exclusion from gross income of gain from the sale of a principal residence by a taxpayer who is 55 years old shall apply to sales and exchanges after December 31, 1977 (presently July 26, 1978).…