Amends the Internal Revenue Code to eliminate the requirement that the seller, under an installment sales agreement, receive no more than 30 percent of the selling price in the taxable year of the sale. Requires that the selling price of personal property exceed $3,000 (presently $1,000). Eliminates the requirement that a transaction under the installment sales method must involve two or more payments.
Denies installment sales treatment for transactions (except stock redemptions) between related individuals.
Requires a decedent's undischarged installment sales obligation to be treated as income in respect of a decedent.
Introduced in Senate
Referred to Senate Committee on Finance.
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