Amended 1969, 1993
- 1993 Pub. L. 103-66 Pub. L. 103–66 struck out heading and text of subsec. (f). Text read as follows: “For treatment of certain expenses incident to the sale of a residence which were deducted as moving expenses by the taxpayer or his spouse under section 217(a), see section 217(e).”
- 1969 Pub. L. 91-172 Pub. L. 91–172, § 231(c)(2), added subsec. (f).
Cases: Alexander v. Internal Revenue Service, 72 F.3d 938 (1st Cir. 1995)
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(a) Computation of gain or loss The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the adjusted basis provided in section 1011 for determining gain, and the loss shall be the excess of the adjusted basis provided in such section for determining loss over the amount realized.
Cases: Cottage Savings Assn. v. Commissioner, 499 U.S. 554 (1991)
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(b) Amount realized The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property (other than money) received. In determining the amount realized—
Cases: Commissioner v. Tufts, 461 U.S. 300 (1983)
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(1) there shall not be taken into account any amount received as reimbursement for real property taxes which are treated under section 164(d) as imposed on the purchaser, and
(2) there shall be taken into account amounts representing real property taxes which are treated under section 164(d) as imposed on the taxpayer if such taxes are to be paid by the purchaser.
(c) Recognition of gain or loss Except as otherwise provided in this subtitle, the entire amount of the gain or loss, determined under this section, on the sale or exchange of property shall be recognized.
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455 substituted provision recognizing the entire amount of gain or loss, except as otherwise provided, for provision referring to section 1002 for the determination of the extent of gain or loss to be recognized.
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(d) Installment sales Nothing in this section shall be construed to prevent (in the case of property sold under contract providing for payment in installments) the taxation of that portion of any installment payment representing gain or profit in the year in which such payment is received.
(e) Certain term interests
Amended 1969
- 1969 Pub. L. 91-172 Pub. L. 91–172, § 516(a), added subsec. (e).
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(1) In general In determining gain or loss from the sale or other disposition of a term interest in property, that portion of the adjusted basis of such interest which is determined pursuant to section 1014, 1015, or 1041 (to the extent that such adjusted basis is a portion of the entire adjusted basis of the property) shall be disregarded.
Amended 1978, 1980, 1984
- 1984 Pub. L. 98-369 Pub. L. 98–369 inserted reference to section 1041.
- 1980 Pub. L. 96-223 Pub. L. 96–223 repealed the amendment made by Pub. L. 95–600. See 1978 Amendment note below.
- 1978 Pub. L. 95-600 Pub. L. 95–600 inserted reference to section 1023. See Repeals note below.
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(2) Term interest in property defined For purposes of paragraph (1), the term “term interest in property” means—
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(A) a life interest in property,
(B) an interest in property for a term of years, or
(C) an income interest in a trust.
(3) Exception Paragraph (1) shall not apply to a sale or other disposition which is a part of a transaction in which the entire interest in property is transferred to any person or persons.