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Discussion Forum Index --> Tax Questions --> IRC 1034
Solomon (talk|edits) said:
| 15 August 2006
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| Code section 1034 (sale of residence) back in 1997 and section 121 then was used. Why is there still a regulation 1.1034-1. That regulation among other things contains the "fixing up expenses" 90 days prior to sale. Does 1.1034-1 apply at all when code 1034 was repealed?
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JCTMSTx (talk|edits) said:
| 15 August 2006
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| The regulations only purpose is to interpret the code. If that code section is repealed so are the applicable regulations.
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JCTMSTx (talk|edits) said:
| 16 August 2006
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| Your right I was looking in an old text.
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JCTMSTx (talk|edits) said:
| 16 August 2006
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| I went to Publ 936 to confirm the deductiblibity. The example given used the proceeds to purchase stock. Proceeds must be used for deductible or other deductible purpose.
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