Residence sale exclusion year-of-death rule.In December 2005, the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). sent a letter to Sen. Charles E. Grassley (R-IA), Chair of the Senate Finance Committee, and Rep. William M. Thomas (R-CA), Chair of the House Ways and Means WAYS AND MEANS. In legislative assemblies there is usually appointed a committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. This body is called the committee of ways and means. Committee, to correct an inequity in the tax law without increasing complexity and with little revenue effect. The proposal amends AMENDS. A satisfaction, given by a wrong doer to the party injured for a wrong committed. 1 Lilly's Reg. 81. 2. By statute 24 Geo. II. c. 44, in England, and by similar statutes in some of the United States, justices of the peace, upon being notified of an the current Sec. 121 exclusion for a spouse spouse A legal marriage partner as defined by state law dying within a tax year, to offer a 12-month period from the date of death of a spouse, during which the surviving spouse can use the $500,000 gain exclusion. The AICPA's recommendation would fix the inequity in tax treatment that results when a taxpayer dies late in the year with a simple and fair solution for all taxpayers; see http://tax.aicpa.org/Resources/Tax+ Advocacy+for+Members/Tax+Legis lation+and+Policy/AICPA+Recom mends+Changing+Residence+Sale+ Exclusion+Year-of-Death+Rule.htm. |
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