Taxation of sales of principal residences after the Taxpayer Relief Act of 1997

Article Abstract:

Most taxpayers can benefit from the Taxpayer Relief Act of 1997's replacement of IRC section 1034 with amended section 121 which provides for nonrecognition of gain on sales of personal residences. Permanent nonrecognition of up to $250,000 per individual is allowed if rules of ownership, occupancy, and period between sales are met. Special rules apply for health or employment changes, involuntary conversions, and sales of partial interests. The new section simplifies recordkeeping but is open to abuse by home residence renovaters.

Laws, regulations and rules, House selling, Home selling, Recognition of gain or loss (Taxation), Recognized gain or loss (Taxation)

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Recent judicial developments increase current depreciation deductions

Article Abstract:

Recent depreciation method case law may provide taxpayers with opportunities to increase the value of depreciation deductions, and the Small Business Job Protection Act of 1996 includes some new tax accounting provisions. The US Court of Appeals for the 10th Circuit reversed the Tax Court in ABC Rentals v. Commissioner and found that rent-to-own businesses could use the income forecast method. In both Liddle v. Commissioner and Simon v. Commissioner, US Courts of Appeals expanded the permissible use of ACRS.

Cases, Tax accounting, Expense deductions, Depreciation

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Issues and problems with employer sale of employee residences

Article Abstract:

The authors discuss employee housing classification law when sold by employers and offer planning solutions regarding tax treatment.

United States, Planning, Capital gains tax, Employee relocation, Employee housing

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