Document Type: 
Document Number (FOIA) /ESDN (CREST): 
Release Decision: 
Original Classification: 
Document Page Count: 
Document Creation Date: 
December 9, 2016
Document Release Date: 
August 21, 2000
Sequence Number: 
Case Number: 
Publication Date: 
September 8, 1976
Content Type: 
PDF icon CIA-RDP81-00314R000600010035-2.pdf125.46 KB
ed For ReI se 200J&AWT ~Tp1 9%3MR0 8 $EP 1976 MEMORANDUM TO THE FILE FROM: A/ALS - Walter F. Weiss SUBJECT: Revision of Tax Code - Employee Relocation Council Peter J. DiDomenico, Jr. of the Employee Relocation Council met with Erie Curtis of A/ALS September 6. DiDomenico gave him the attached tax code revision which he is discussing with the Office of Tax Policy of Treasury. He claimed Treasury is receptive but they asked ER.C to include some time limit. ERC is considering five years as a reasonable time period. The ERC proposal is something that State - AID - USIA management have sought for years as well as AFSA. State Dept. declassification & release instructions on file Approved For Release 2001/09/03 CIA-RDP81-00314R000600010035-2 Approved For ReIse 2001/09/03 : CIA-RDP81-00314R01W00010035-2 EXPLANATION OF PROPOSED AMENDMENT OF SECTION 1034(a) The proposal would amend.?1034 of the Code dealing with the non-recognition of gain on the sale or exchange of a residence to provide that the 18-month period for reinvest- ing the sales proceeds in a new residence will be tolled dur- ing the time an individual is employed on a permanent basis outside of the U. S. Many employers actively discourage trans- ferred employees from buying homes abroad because of the prob- lems dealing with home-ownership and disposal thereof. Conse- quently, it is very difficult for transferred employees who are sent abroad to comply with the 18-month period set forth in present ?1034. nc 333 Borth M:thiy.n AY.nui, c nc.M Nhnos 60609 PETER J. DI DOMENICO, JR. DIRECTOR OF MEMBERSHIP SERVICES Approved For Release 2001/09/03 : CIA-RDP81-00314R000600010035-2 Approved For RelWe 2001/09/03 : CIA-RDP81-00314R00GS00010035-2 PROPOSED AMENDMENT OF SECTION 1034(a) DEALING WITH NON-RECOGNITION OF GAIN ON SALE OR EXCHANGE OF RESIDENCE Section 1034(a) is-amended by inserting at the end thereof the following: "The running of the eighteen-month period after the date of the sale of the old residence shall be suspended for any period during which the taxpayer's principal place of work is located outside the United States." ? I Approved For Release 2001/09/03 : CIA-RDP81-00314R000600010035-2 Approved For Release 2001/09/03-rCIA-RDP81-00314R000600010035-2 -win ASSIFIFII 14TERNAL .CON" 'E--'1TIAL J SECRET ROUTING AND ' RECORD SHEET SUBJECT: (Optional) TO: (Officer designation, room number, and. building) Director of Personnel 5 E 58 Hqs 13 SEP t47t OFFICER'S COMMENTS (Number each comment to show from whom INITIALS " to wham. Draw a line across column after each comment.) rl SECRET ^ CONFIDENTIAL E] INTERNAL ^ UNCLASSIFIED ry