26 C.F.R. § 1.1033(a)-3. - § 1.1033(a)-3 Involuntary Conversion of Principal Residence.

Current as of January 1, 1970
Section 1.1033(a)-3 - § 1.1033(a)-3 Involuntary Conversion of Principal Residence.
Section 1.1033(a)-2 - § 1.1033(a)-2 Involuntary Conversion Into Similar Property, Into Money or Into Dissimilar Property.Section 1.1033(b)-1 - § 1.1033(b)-1 Basis of Property Acquired as a Result of an Involuntary Conversion.

§ 1.1033(a)-3 Involuntary conversion of principal residence.

Section 1033 shall apply in the case of property used by the taxpayer as his principal residence if the destruction, theft, seizure, requisition, or condemnation of such residence, or the sale or exchange of such residence under threat or imminence thereof, occurs before January 1, 1951, or after December 31, 1953. However, section 1033 shall not apply to the seizure, requisition, or condemnation (but not destruction), or the sale or exchange under threat or imminence thereof, of such residence property if the seizure, requisition, condemnation, sale, or exchange occurs after December 31, 1957, and if the taxpayer properly elects under section 1034(i) to treat the transaction as a sale (see paragraph (h)(2)(ii) of § 1.1034-1). See section 121 and paragraphs (d) and (g) of § 1.121-5 for special rules relating to the involuntary conversion of a principal residence of individuals who have attained age 65.

[T.D. 6856, 30 FR 13319, Oct. 20, 1965. Redesignated and amended by T.D. 7625, 44 FR 31013, May 30, 1979]

Disclaimer. This may not be the most current version of this information. Users should consult official sources to verify information on this site is recent and current. Marble does not warrant or represent the accuracy, completeness or reliability of the information contained on this site.