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QUESTION Under Rev. Proc. 2008-16, could the fact that the taxpayer did not wait until the end of the second 12 month period to sell the property - threaten the Safe Harbor status of the exchange? I think the property could still qualify for Section 1031.  Revenue Procedure 2008-16 only provides ...

IRS Will Soon Issue Taxpayer Friendly Revenue Procedure for Vacation Homes Used Occasionally for Personal Pleasure.For years tax controversies have stemmed from taxpayers selling their highly appreciated vacation homes.The problem has been that these "personal use" vacation properties have fallen...