Info. Ltr. 2010-0209 (Sept. 24, 2010)

(first-time homebuyer tax credit not available on home taxpayer purchased from taxpayer's father; IRS referenced I.R.C. Sec. 36(c)(3)(A)(i) to reach its conclusion, but failed to note that I.R.C. Sec. 36(c) does not bar fair market value sales between related parties where buyer's basis is a purchase price basis).

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