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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 26 / 66

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CCH Federal Taxation Basic Principles

26 of  66

Available exclusion

(g) = (a) x (f)

Pro rata fraction

(f) = [lesser of (b) (c) or (d)] (e)

24 months

(e)

# months since the previous sale to which the exclusion applied. (Use “24 months” if no previous sale.)

(d)

Aggregate # months of occupancy during the five year period ending on the date of sale.

(c)

Aggregate # months of ownership during the five year period ending on the date of sale.

(b)

Available exclusion (i.e., $250,000 or $500,000).

(a)

Formula forProrating the Exclusion Where Unforeseen Circumstances Apply

Sale of Home Due to Unforeseen Circumstances

Chapter 11, Exhibit 7b

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