REVENUE REGULATIONS

Jun 29th, 2015
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University of Alabama at Birmingham
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"Natural person" — shall refer to a citizen or resident alien individual taxable under Sec. 24 of the Code. It does not include an estate or a trust, the provision of Sec. 60 of the Code to the contrary notwithstanding.

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July 26, 1999REVENUE REGULATIONS NO. 13-99 SUBJECT:Exemption of Certain Individuals from the Capital Gains Tax on the Sale, Exchange or Disposition of a Principal Residence under Certain ConditionsTO:All Internal Revenue Officers and Others Concerned SECTION 1.Scope. Pursuant to Section 244, in relation to Section 24(D)(2) of the National Internal Revenue Code of 1997 , these Regulations are hereby promulgated to govern the exemption of a citizen or a resident alien individual from capital gains tax on the sale, exchange or disposition of his principal residence. prcdSECTION 2.Definition of Terms. For purposes of these Regulations, the following items shall have the following meaning:(1)"Natural person" shall refer to a citizen or resident alien individual taxable under Sec. 24 of the Code. It does not include an estate or a trust, the provision of Sec. 60 of the Code to the contrary notwithstanding.(2)"Principal Residence" shall refer to the dwelling house, including the land on which it is situated, where the husband and wife or an unmarried individual, whether or not qualified as head of family, and members of his family reside. Actual occupancy of such principal residence shall not be considered interrupted or abandoned by reason of the individual's temporary absence therefrom due to travel or studies or work abroad or such other similar circumstances. Such principal residence must be characterized by permanency in that it must be the

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