Internal Revenue Code (IRC) section 121 exclusion in preparing a bankruptcy estate's income tax return. Bankruptcy cases that illustrate the flaws of the legal analysis used in denying a trustee's ability to assert IRC section 121 exclusion; Maximum exclusions allowed by IRC section 121 exclusion...
residence, however the Section 121(d)(10) limitation does not apply and gain (other than gain resulting from accumulated depreciation) may be excluded under Section 121 assuming that the sale otherwise satisfies the requirements for the home sale exclusion, such as the two-year use requirement. ...
(2) For treatment of gains from involuntary conversions as capital gains in certain cases, see section 1231(a). (3) For exclusion from gross income of gain from involuntary conversion of principal residence, see section 121.
Sec. 1202 qualifications.(IRC section 1202, capital gains tax exclusion)Flynn, Maura P
See eg Harold Dubroff & Douglas A Kahn, Federal Taxation of Estates, Gifts, and Trusts(3d ed, Foundation Press: Westbury, NY, 1980)2 3. 3 Robert Lenzer and Philippe Mao, 'TheKinsler, Jeffrey S
(2) For treatment of gains from involuntary conversions as capital gains in certain cases, see section 1231(a). (3) For exclusion from gross income of gain from involuntary conversion of principal residence, see section 121.