S 2894 98th Congress Senate Taxation Agriculture and Rural Affairs Commerce Farms Housing and Community Development Housing and Housing Finance Housing finance Income tax Interest Real property Tax administration

A bill to amend the Internal Revenue Code of 1954 to clarify the application of the imputed interest and interest accrual rules in the case of sales of residences, farms, and real property used in a…

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A bill to amend the Internal Revenue Code of 1954 to clarify the application of the imputed interest and interest accrual rules in the case of sales of residences, farms, and real property used in a trade or business.

Introduced: July 31, 1984 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Aug 20, 1984

Committee on Finance requested executive comment from OMB, Treasury Department.

Jul 31, 1984

Read twice and referred to the Committee on Finance.

Jul 31, 1984

Introduced in Senate

Amendments to this bill 3

Amendments propose changes to this bill. Members vote on amendments separately before the final bill vote. An agreed amendment becomes part of the bill; a failed amendment does not.

Amendment	Sponsor	Purpose	Status	Latest action
SAMDT 4,254	—	To eliminate the taxing of "phantom" income created by original issue discount rule changes in the 1984 Tax A…	Pending	Sep 18, 1984
SAMDT 4,253	—	To insure that original issue discount and imputed interest rule changes in the 1984 Tax Act do not apply to …	Pending	Sep 18, 1984
SAMDT 3,697	—	To include commercial real property as property subject to the reduced rate of interest and to increase the l…	Pending	—

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Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to reduce the rate of imputed interest for: (1) the first $250,000 of the sale price of residential property sold by an individual; (2) the first $1,500,000 of the sale price of farm property sold by an individual, partnership, estate or small business corporation; and (3) the first $500,000 of the sale price of real property associated with the sale of a trade or business.

What's happening now August 20, 1984

Committee on Finance requested executive comment from OMB, Treasury Department.

Committees of jurisdiction 1

Finance Committee
Senate

Cosponsors 1

Grassley, Chuck

Iowa · Sep 5, 1984

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APA

U.S. Congress. (2026). S. 2894: A bill to amend the Internal Revenue Code of 1954 to clarify the application of the imputed interest and interest accrual rules in the case of sales of residences, farms, and real property used in a trade or business.. 98th Congress. Open America. https://openamerica.io/bill/98-S-2894/

MLA

"S. 2894: A bill to amend the Internal Revenue Code of 1954 to clarify the application of the imputed interest and interest accrual rules in the case of sales of residences, farms, and real property used in a trade or business.." 98th Congress, 2026, Open America, https://openamerica.io/bill/98-S-2894/.

Bluebook (legal)

S. 2894, 98th Cong. (2026), https://openamerica.io/bill/98-S-2894/.

Markdown link

[S. 2894: A bill to amend the Internal Revenue Code of 1954 to clarify the application of the imputed interest and interest accrual rules in the case of sales of residences, farms, and real property used in a trade or business.](https://openamerica.io/bill/98-S-2894/)