,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #ajhhc  ,,in ,,the ,,house ,,of 
,,representatives  ,october #bb1        
#bjbf,mr4 ,lawler 7for himself and ,mr4 
,gottheimer7 introduced the following   
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to provide for          
nonrecognition of gain or loss on       
like-kind exchanges of certain          
residential real property1 and for other
 purposes4  #a4 ,short title  ,this ,act
 may be cited as the ,american ,home    
,mobility ,act4  #b4 ,nonrecognition of 
gain or loss on like-kind exchanges of  
certain residential real property  7a7  
,in general ,section #ajca7;a77#a7 of   
the ,internal ,revenue ,code of #aihf is
 amended-- 7#a7 by striking recognized  
on the exchange of real property and    
inserting  recognized on-- 7,a7 the     
exchange of real property  1  7#b7 by   
striking the period at the end and      
inserting 1 or1 and  7#c7 by adding at  

the end the following3  7,b7 the        
exchange of real property if-- 7i7      
during the #cj-year period ending on the
 date of the exchange1 such property has
 been owned and used by the taxpayer as 
the taxpayer's principal residence      
7within the meaning of section #aba71   
and  7ii7 such property is exchanged    
solely for real property of like-kind   
which is to be held for use as the      
taxpayer's principal residence 7within  
such meaning74  4  7b7 ,conforming      
amendments  7#a7 ,the heading of section
 #ajca of such ,code is amended by      
inserting 1 or held for use as principal
 residence after investment4  7#b7 ,the 
item relating to section #ajca in the   
table of sections for part ,,iii of     
subchapter ,o of chapter #a of such     
,code is amended by inserting 1 or held 
for use as principal residence after    
investment4  7c7 ,effective date ,the   
amendments made by this section shall   
apply to exchanges completed after      
,december #ca1 #bjbf4