SALE OF RESIDENCE BY ELDERLY.

SEC. 1404. SALE OF RESIDENCE BY ELDERLY. (a) In General.— Section 121(b)(1) (relating to gain from sale or exchange of residence of individual who has attained age 65) is amended by striking out “$20,000” each place it appears therein and inserting in lieu thereof “$35,000”, (b) Effective Date.— The amendment made, by subsection (a) shall apply to taxable years beginning after December 31, 1976,