ABATax Comments on Proposed Regulations Under Section 121

Section of Taxation
Submission to the Internal Revenue Service

Comments on Proposed Regulations Under Section 121
May 1, 2001

Index

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Disclaimer
Executive Summary
Prior Submissions on Taxation of the Sale of a Principal Residence
I. Definition of a Principal Residence
	1. Better Guidance is Needed on the Identification of the Property that is the Principal Residence
	2. Clarify that Vacant Land Resulting From Destruction of a Principal Residence May Be a Principal Residence
	3. Concurrent Ownership and Use of More Than One Residence During a Calendar Year is Contemplated by the Statute and Should be Reflected in the Regulations
	4. Medical Care Should Constitute a Temporary Absence
	5. Military Duty Should Suspend the 5-Year Period or Constitute a Temporary Absence
	6. Treatment of De Minimis Rental or Office in the Home as Use of a Residence
II. Reduced Exclusion and Unforeseen Circumstances
III. Form of Ownership of a Principal Residence
IV. Interaction of Sections 121 and 469
V. Interaction of Section 121 and Divorce or Separation
	1. Clarify the Meaning of Use by the In-Spouse
	2. Allow for Application of Section 121(d)(3)(B) Prior to Existence of a Written Instrument
	3. Provide that Section 121 Overrides Section 1041
VI. Old Section 1034 and Basis
Appendix: Comments Submitted by Standing Committee on Legal Assitance for Military Personnel

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