IT-218R "Profit, Capital Gains and Losses from the Sale of Real Estate, including Farmland and Inherited Land and Conversion of Real Estate from Capital Property to Inventory and Vice Versa" 16 September 19864

10....where real estate is converted from capital property to inventory...for real estate that is used for the purpose of gaining or producing...

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10....where real estate is converted from capital property to inventory...for real estate that is used for the purpose of gaining or producing...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

10....where real estate is converted from capital property to inventory...for real estate that is used for the purpose of gaining or producing...

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The allocation of the cost of real estate to inventory in the taxpayer's accounting records will be considered to represent prima facie evidence...

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