[Code of Federal Regulations]
[Title 26, Volume 11]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.1033(a)-3]

[Page 124]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1033(a)-3  Involuntary conversion of principal residence.

    Section 1033 shall apply in the case of property used by the 
taxpayer as his principal residence if the destruction, theft, seizure, 
requisition, or condemnation of such residence, or the sale or exchange 
of such residence under threat or imminence thereof, occurs before 
January 1, 1951, or after December 31, 1953. However, section 1033 shall 
not apply to the seizure, requisition, or condemnation (but not 
destruction), or the sale or exchange under threat or imminence thereof, 
of such residence property if the seizure, requisition, condemnation, 
sale, or exchange occurs after December 31, 1957, and if the taxpayer 
properly elects under section 1034(i) to treat the transaction as a sale 
(see paragraph (h)(2)(ii) of Sec. 1.1034-1). See section 121 and 
paragraphs (d) and (g) of Sec. 1.121-5 for special rules relating to 
the involuntary conversion of a principal residence of individuals who 
have attained age 65.

[T.D. 6856, 30 FR 13319, Oct. 20, 1965. Redesignated and amended by T.D. 
7625, 44 FR 31013, May 30, 1979]