- 8 - used or occupied by petitioner’s children after they had otherwise moved from it. From 1992 until July 1996, petitioner, a native of New Jersey, was making a gradual transition from living and working in New Jersey to retirement in Florida. While he spent time at both locations, he never abandoned his New Jersey residence. After purchasing the Florida property, he routinely returned to live at the New Jersey residence for the spring, summer, and portions of the fall. Taking into account all of the facts and circumstances presented, we are satisfied that during the period from July 1991 to July 1996, petitioner used the New Jersey residence as his principal residence for at least 36 full months. See sec. 1.121-1(c), Income Tax Regs. We therefore find that it was petitioner’s principal residence, as that term is used in section 121, for the requisite period prescribed by that section. Accordingly, petitioner is entitled to exclude from his 1996 gross income the gain realized on the sale of the New Jersey residence, and we so hold. Reviewed and adopted as the report of the Small Tax Case Division. Based on the foregoing, Decision will be entered for petitioner.Page: Previous 1 2 3 4 5 6 7 8 9
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