No Tax on Takings Act
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Summary
The bill amends the Internal Revenue Code to add a new section 139M that excludes from gross income any gain realized when property located in the United States is converted by the exercise of eminent domain, including sales made under threat or imminence of such an exercise. It makes the exclusion inapplicable to the existing involuntary conversion rule in section 1033 for covered conversions, and allows taxpayers to elect out of the exclusion. The provisions apply to conversions in taxable years ending after enactment.
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