Reports that the Internal Revenue Service has ruled against the gain exclusion on the sale of principal residence in the United States. Background on the rulings on the sale of capital assets; Basis of the ruling.KautterDavidJ.EBSCO_bspTax Adviser...
Sec. 121 gain exclusion on sale of principal residence cannot be marked to market.(Internal Revenue Code)Kautter, David J
Internal Revenue Code which concerns tax exclusion from the gain on the sale or exchange of a principal residence. It notes that the Tax Court discussed the intent of the Congress for Sec. 121 when it gave a ruling on a case involving a house that has been remodeled into a new house ...