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Income Tax Planning
Chapter 13: Nontaxable Exchanges/SPECIAL RULES: SECTION 121
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 13: Nontaxable Exchanges

SPECIAL RULES: SECTION 121

01.Core Concepts

• If a home used as the taxpayer’s principal residence was acquired in a like-kind exchange within 5 years of sale, the Section 121 exclusion is not available. • Section 121 does not shield depreciation recapture from income tax.