Publisher's Synopsis
Excerpt from Summary of Present Law, Description of Provisions, and Possible Modifications: Of H. R. 699 Condominium Conversions, H. R. 2476 Net Gifts, H. R. 2504 Tax Exempt Obligations on Certain Educational Organizations, H. R. 2831 Disaster Loss Deduction, H. R. 3096 Offshore Commodity Funds and Straddles; H. R. 3173 Cash or Deferred Arrangem
Under present law, gain on the sale of undivided residential rental property, held by a taxpayer as an investment, is generally treated as capital gain. If, however, the taxpayer converts the rental property into condominium units and sells the individual units, the entire gain is generally treated as ordinary income; because of the conversion of the property to condominium units and the subsequent sales activity, the taxpayer is treated as a dealer rather than an investor in the property. As a result, owners of residential rental property who wish to convert it into condominiums often sell the property to another person who converts the property and sells the individual units. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
