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The date of acquisition is the date on which construction of a
principal residence is commenced. Sec. 72(t)(8)(D)(iii)(II).
Petitioners contend that they qualify as first-time
homebuyers within the intent and meaning of section 72(t)(8).
Petitioners argue that Congress intended the statute to be
liberally construed such that in the case of a married couple,
the first-time homebuyer exception analysis must consider whether
the “marital unit” is a first-time homebuyer of its first
“marital residence”. It follows, in petitioners’ view, that they
qualify as first-time homebuyers as a marital unit because the
Galbreath home is their first marital residence under section
72(t)(8). We disagree.
In interpreting a statute, we look first to the language of
the statute, and we look only to legislative history to learn the
purpose of the statutory language or to resolve ambiguities in
the statutory language. Consumer Prod. Safety Commn. v. GTE
Sylvania, Inc., 447 U.S. 102, 108 (1980). If the language of a
statute is plain, clear, and unambiguous, the statutory language
is to be applied according to its terms unless a literal
interpretation of the statutory language would lead to absurd
results. Robinson v. Shell Oil Co., 519 U.S. 337, 340 (1997);
Consumer Prod. Safety Commn. v. GTE Sylvania, Inc., supra; United
States v. Am. Trucking Associations, 310 U.S. 534, 543-544
(1940); Allen v. Commissioner, 118 T.C. 1, 7 (2002). A court,
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Last modified: May 25, 2011