Partnerships - Llc

<P>This PodCast is about the home sale exclusion, Section 121. In a recent Tax Court decision on the home sale exclusion under Section 121, the IRS and the taxpayers split the decision--the IRS lost in its attempt to claim the taxpayer did not use the property in question as his principal residence, but the taxpayer lost a portion of the deduction because a portion of the property was titled in the name of a partnership--and the court did not buy the taxpayer's theories that either the partnership was never formed or that the property had been distributed.&nbsp; The case is <SPAN style="font-style: italic">Farah v. Commissioner</SPAN>, T.C. Memo 2007-369.<BR><BR>The materials for the podcast can be downloaded from <A href="http://www.edzollars.com/2007-12-26_Section_121.pdf">http://www.edzollars.com/2007-12-26_Section_121.pdf</A> .<BR><BR>.</P> This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Pl