The instructions to Form 5405, First-Time Homebuyer Credit, contains the following.
You cannot claim the credit if any of the following apply.
...
8. You acquired your home from a related person.
A related person includes:
a. Your spouse, ancestors (parents, grandparents,
etc.), or lineal descendants (children, grandchildren
etc.).
...
The portion of IRC §36(c)(5) that the provision the instruction above was attempting to paraphrase, states
... ( ... for the purposes of this section, paragraph (4) of section 267(c) [where "related person" is defined] shall be treated as providing that the family of an individual shall include only his spouse, ancestors, and lineal descendants).
(Emphasis added.)
"Here is a fundamental question to ask yourself- what is the goal of the income tax scam? I think it is a means to extract wealth from the masses and give it to a parasite class." Skankbeat
Quixote wrote:The instructions to Form 5405, First-Time Homebuyer Credit, contains the following.
You cannot claim the credit if any of the following apply.
...
8. You acquired your home from a related person.
A related person includes:
a. Your spouse, ancestors (parents, grandparents,
etc.), or lineal descendants (children, grandchildren
etc.).
...
The portion of IRC §36(c)(5) that the provision the instruction above was attempting to paraphrase, states
... ( ... for the purposes of this section, paragraph (4) of section 267(c) [where "related person" is defined] shall be treated as providing that the family of an individual shall include only his spouse, ancestors, and lineal descendants).
(Emphasis added.)
I'm guessing that it's a case either of sloppy writing, or of someone who was trying to paraphrase paragraph after paragraph, and was too tired to catch the omission of "only" from the paraphrase....
"We've been attacked by the intelligent, educated segment of the culture." -- Pastor Ray Mummert, Dover, PA, during an attempt to introduce creationism -- er, "intelligent design", into the Dover Public Schools
It's like the definition found in the recent TSA manual leak:
Explosives – Military, commercial, or improvised compounds characterized by their ability to rapidly convert from a solid or liquid state into a hot gaseous compound with a much greater volume than the substances from which they are generated.
The Honorable Judge Roy Bean The world is a car and you're a crash-test dummy. The Devil Makes Three
It's like the definition found in the recent TSA manual leak:
Explosives – Military, commercial, or improvised compounds characterized by their ability to rapidly convert from a solid or liquid state into a hot gaseous compound with a much greater volume than the substances from which they are generated.
Its possible some TSA Screeners grew up in a bomb shelter and their parents didn't want to burden them.
Pilots have checklists for every possible contingency, but the one that always stuck out in my mind was the emergency checklist, OH-58, explosion, in flight:
(as best I remember it)
1) release pilot restraints
2) pull hinge pins and release pilot door
3) exit aircraft
Now, not knowing how much you know about this aircraft, but it's the military version of a Bell Jet Ranger, small little thing, 1800 pounds, with 190 gallons of AVGAS directly under the seats. I cannot promise you that in an explosion in flight you will get around to releasing the seat belt, or popping the door but I can say with certainty that you will be exiting the aircraft.
Supreme Commander of The Imperial Illuminati Air Force
Your concern is duly noted, filed, folded, stamped, sealed with wax and affixed with a thumbprint in red ink, forgotten, recalled, considered, reconsidered, appealed, denied and quietly ignored.
