- 5 -
1978). For example, section 1034(h) and section 1034(k) extend
the normal replacement period of section 1034(a) in the case of,
respectively, a member of the armed forces on extended active
duty and an individual whose tax home is outside the United
States. No provision is made for the consideration of equitable
factors in determining whether the replacement period requirement
has been met.
Petitioner purchased the New York residence 80 days beyond
the statutory period prescribed in section 1034. Moreover,
petitioner does not fall within the statutory provisions
extending the replacement period. As a result, petitioner must
recognize the gain on the sale of the Connecticut residence. We
sympathize with the difficulties petitioner has endured during
these years; however, the strict requirements of section 1034 do
not allow for extenuating circumstances, even if they are beyond
the control of the taxpayer. Chavez v. Commissioner, supra.
To reflect the foregoing,
Decision will be entered
for respondent, except as to
the addition to tax pursuant
to section 6661.
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Last modified: May 25, 2011