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Subject:  Re: Deemed Sale of Personal Residence Date:  2/21/2001  2:43 PM
Author:  Bob78164 Number:  46900 of 127519

ataxwitch writes:

However, there is a provision in the "deemed sale" statute that requires the seller to recognize gain on a deemed sale "notwithstanding any provision of the Internal Revenue Code".

That would suggest that the seller could not exclude the gain under Sec. 121.

I reply:

That provision also was discussed thoroughly in the "Shore sale" thread that begins with post no. 15194. My original thought was that the income was "recognized" but then excluded. After posting a question to Kaye Thomas at I was given to understand that your interpretation is correct. I understand that Roy will revisit this issue in the next week or two, and I'll look forward to seeing his further comments. --Bob
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