Iowa Department of Revenue Policy Letter, No. 10201046 (Dec. 21, 2010)

(sale of two acres of vacant land sold separately from remainder of taxpayer's parcel which contained commercial buildings, not eligible for exclusion from capital gain; while 10-year holding period test satisfied, vacant land (even though part of five-acre parcel taxpayer operated business on) not used in taxpayer's trade or business for requisite 10-year period). 

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

RSS​ Facebook Twitter