After 23 years of treating the gain on the “principal residence” as deferrable if a new residence was purchased for a price at least equal to the selling price on the old residence, beginning in 1951,1 and 46 years permitting an individual to exclude part or all of the gain on the “principal residence,”2 the Tax Court in 20103 finally faced the question of the meaning of “principal residence.”4
Harl, Neil E.
"New House, After Demolition of the Old House, Not Eligible for the $500,000 Exclusion,"
Agricultural Law Digest: Vol. 21
, Article 1.
Available at: https://lib.dr.iastate.edu/aglawdigest/vol21/iss15/1