A bill to provide that recent amendments of section 1239 of the Internal Revenue Code of 1954 shall not apply to a disposition of property if a private letter ruling, issued before the enactment of the amendments, provided that such section would not apply to the disposition.

[AI summary unavailable — showing source text] Amends the Installment Sales Revision Act of 1980 to provide that gain from the sale of depreciable property between certain related taxpayers shall not be treated as ordinary income if a private letter ruling issued by the Internal Revenue Service before such Act would not require such treatment.…