Holding period for immovable property shortened to qualify as short-term capital asset, changing capital gains classification. Amendment shortens the holding-period threshold for classifying immovable property as a short-term capital asset, revising the third proviso to the ... Summary
Holding period for immovable property shortened to qualify as short-term capital asset, changing capital gains classification.
Amendment shortens the holding-period threshold for classifying immovable property as a short-term capital asset, revising the third proviso to the definition so that land or building held for less than the newly prescribed period will be treated as short-term, thereby altering the application of the holding-period rule for capital gains treatment.
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