Rental of principal residence pending sale: Has Bolaris set a new precedent?
Article Abstract:
The Bolaris case heard before the Ninth Circuit Court of Appeals is analyzed, including details of the facts of the case, the contentions of the Internal Revenue Service, the basis for the Court's decision, and the implications of the decision for other taxpaying property owners who rent their property out, pending its sale. The Bolaris case upheld the property owner's rights to: (1) exclude from taxes the gain on the sale of the property, under Internal Revenue Code (IRC) Section 1034; and (2) deduct the rental expenses on the property prior to its sale, under IRC Sections 167 and 212. Five provisos of the Bolaris case are identified: (1) the property must be rented at undiscounted fair market value, (2) profit motive is not solely determined by cash flow, (3) leases cannot be so lengthy as to interfere with possible property sales, (4) the house to be rented must not be occupied by its owner,and (5) the purchase of a new house and the sale of the rental property must occur within two years of each other.
Publication Name: The Woman CPA
Subject: Women's issues/gender studies
ISSN: 0043-7271
Year: 1987
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From 'for sale' to 'sold.' (how to sell a property)
Article Abstract:
Royal Lepage associate broker Joan Smith stated that prospective buyers stay longer when the property owner is not present during the inspection of the house for sale. She added that properties are easily sold when it is clean, appealing and everything is in order.
Publication Name: Chatelaine
Subject: Women's issues/gender studies
ISSN: 0009-1995
Year: 1997
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Endangered species for sale
Article Abstract:
Many endangered species of animals and plants are being smuggled into the US for illegal sale. These range from birds, fish and alligators to coral and flowers. Consumers must be aware of these products and boycott them.
Publication Name: Self
Subject: Women's issues/gender studies
ISSN: 0149-0699
Year: 1993
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