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Income Tax Planning
Chapter 13: Nontaxable Exchanges/INVOLUNTARY CONVERSIONS OF PRINCIPAL RESIDENCE
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Chapter Study Session

Chapter 13: Nontaxable Exchanges

INVOLUNTARY CONVERSIONS OF PRINCIPAL RESIDENCE

01.Core Concepts

• Gain from casualty, theft, or condemnation may be: • Deferred as involuntary conversion (Section 1033), or • Excluded as sale of residence (Section121)