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The issue is whether the exception for qualified trusts from the definition of acquisition indebtedness should be expanded to include educational organizations.
Explanation of the Bill The bill would expand the qualified trust exception from the general definition of acquisition indebtedness to include educational organizations. Thus, income or gain received from, or with respect to, debt-financed real property owned by educational organizations would not be treated as debt-financed property.
Effective Date The provisions of the bill would be effective for taxable years beginning after December 31, 1983.