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5 years immediately before the sale. For 1993, section 10349
required a taxpayer, in certain circumstances, to defer
recognition of gain realized on the sale of the taxpayer's old
principal residence if a new residence is purchased and used by
the taxpayer as a new principal residence within the period
beginning 2 years before the date of the sale and ending 2 years
after the date.
There is insufficient information in the record that would
allow for the application of section 121 to the sale of the
condominium. It cannot be determined whether petitioner used the
condominium as his principal residence for the requisite period
or whether he met the age requirement. Likewise, there is
insufficient information in the record that would allow for the
application of section 1034 to the sale of the condominium. It
cannot be determined whether petitioner purchased and used as his
residence a new principal residence within the period beginning 2
years before the date of the sale and ending 2 years after the
date. Because we cannot find that the requirements of either
section 121 or section 1034 have been met, the gain petitioner
realized from the sale of the condominium is includable in his
1993 income, and we so hold.
9 Sec. 1034 was repealed by TRA 1997 sec. 312(b), 111 Stat.
839, generally effective for sales and exchanges of principal
residences after May 6, 1997. The sec. 1034 rollover provision
was replaced by an expanded and revised sec. 121.
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