Sentences with phrase «gain allocable»
However, section 121 does not apply to the gain allocable to the residential portion of the property to the extent provided by paragraph (d) of this section.
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Section 121 will not apply to the gain allocable to any portion (separate from the dwelling unit) of property sold or exchanged with respect to which a taxpayer does not satisfy the use requirement.
Thus, if a portion of the property was used for residential purposes and a portion of the property (separate from the dwelling unit) was used for non-residential purposes, only the gain allocable to the residential portion is excludable under section 121.
Not exact matches
Hook says the IRS does not require that the gain be allocable to business and personal uses.
Return Protector Option (RPO): Under this option, your entire annual allocable Premium is invested into any one of either India Multi-Cap Equity Fund or Equity II Fund, as opted by You and gains made from RPO Fund are automatically transferred to a lower risk Debt Fund.