A bill to clarify the taxation of cooperative apartments.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to repeal the requirement that 80 percent or more of the gross income of a cooperative housing corporation must be derived from tenant-stockholders in order to allow such stockholders a tax deduction for a proportionate share of interest, real estate taxes, and business depreciation. Requires a reduction in the amount of such deduction in the case of a cooperative housing corporation which derives less than 80 percent of its gross income from tenant-shareholders. Repeals the three-year limit on the taking of such deduction by: (1) lending institutions which acquire stock in a cooperative housing corporation through foreclosure; and (2) persons who acquire stock by sale of property to such a corporation. Treats any legal entity which holds stock in a cooperative housing corporation as a tenant-stockholder eligible for such deduction (present law restricts such treatment to individuals).…