This PodCast is about Code Section 121. The IRS released a Chief Counsel Advice (CCA 200734021) that dealt with how to interpret the language found in Section 121(d)(5) that, in certain cases, will allow a taxpayer to treat a residence that is destroyed as if it were sold for purposes of ignoring up to $250,000/$500,000 of gain under Section 121(a).
The materials for this podcast can be found at http://www.edzollars.com/2007-09-01_Residence.pdf .
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