Sec. 3304. Installment sales
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/bill/113/hr/1/ih/section-3304A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 453(l) is amended to read as follows: For purposes of subsection (b)(2)(A), the term dealer disposition means any of the following dispositions: Any disposition of personal property by a person who regularly sells or otherwise disposes of personal property of the same type on the installment plan. Any disposition of real property which is held by the taxpayer for sale to customers in the ordinary course of the taxpayer’s trade or business. . Section 453A(b)(2) is amended to read as follows: Subsection (a)(1) shall apply to an obligation described in paragraph
(1)arising during any taxable year only if such obligation is outstanding as of the close of such taxable year. . Section 453A(b)(3) is amended— by striking from the disposition— and all that follows and inserting from the disposition by an individual of personal use property (within the meaning of section 1275(b)(3)). , and by striking in the heading. and farm Section 453A(b) is amended by striking paragraph
(4)and by redesignating paragraph
(5)as paragraph (4). Section 453A(c) is amended— by striking the applicable percentage of in paragraph (2)(A), and by striking paragraph
(4)and by redesignating paragraphs
(5)and
(6)as paragraphs
(4)and (5), respectively. The amendments made by this section shall apply to sales and other dispositions after December 31, 2014.