H-3287.2 _______________________________________________
HOUSE BILL 2667
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State of Washington 52nd Legislature 1992 Regular Session
By Representatives Wang, Locke, Belcher, Fraser, R. King, Day, Appelwick, Leonard, Prentice, Dorn, Grant, Basich and G. Cole
Read first time 01/23/92. Referred to Committee on Revenue.
AN ACT Relating to gains realized from the sale of real property; amending RCW 82.04.080 and 82.04.390; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 82.04.080 and 1961 c 15 s 82.04.080 are each amended to read as follows:
"Gross income of the business" means the value proceeding or accruing by reason of the transaction of the business engaged in and includes gross proceeds of sales, compensation for the rendition of services, gains realized from trading in stocks, bonds, or other evidences of indebtedness, interest, discount, rents, royalties, fees, commissions, dividends, gains realized from sales of real property, and other emoluments however designated, all without any deduction on account of the cost of tangible personal property sold, the cost of materials used, labor costs, interest, discount, delivery costs, taxes, or any other expense whatsoever paid or accrued and without any deduction on account of losses.
Sec. 2. RCW 82.04.390 and 1961 c 15 s 82.04.390 are each amended to read as follows:
This
chapter shall not apply to ((gross proceeds derived)) gains realized
from the sale of owner-occupied residential real estate with a
selling price of one million dollars or less. This however, shall not be
construed to allow a deduction of amounts received as commissions from the sale
of real estate, nor as fees, handling charges, discounts, interest or similar
financial charges resulting from, or relating to, real estate transactions.
NEW SECTION. Sec. 3. This act shall take effect July 1, 1992.