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Issue 5(1), October 2010 -- Paper Abstracts

Girard  (p. 9-22)

Cooper (p. 23-32)

Kunz-Osborne (p. 33-41)

Coulmas-Law (p.42-46)

Stasio (p. 47-56)

Albert-Valette-Florence (p.57-63)

Zhang-Rauch (p. 64-70)

Alam-Yasin (p. 71-78)

Mattare-Monahan-Shah (p. 79-94)

Nonis-Hudson-Hunt (p. 95-106)

JOURNAL OF APPLIED BUSINESS AND ECONOMICS

The Taxpayer Relief Act of 1997 and the Housing Boom of the 21st Century

Author(s): Pete H. Oppenheimer

Citation: Pete H. Oppenheimer, (2014) "The Taxpayer Relief Act of 1997 and the Housing Boom of the 21st Century," Journal of Applied Business and Economics, Vol. 16, Iss. 2, pp. 112-122

Article Type: Research paper

Publisher: North American Business Press

Abstract:

The 1997 revision of §121 of the Internal Revenue Code allows taxpayers to exclude up to $500,000 of a

gain from the resale of their personal residences. The author argues that the revision of §121 acted as a

catalyst for the boom in the real estate markets. The unexpected code change eliminated the capital gain

tax lock-in effect that inhibited real estate sales and gave preferential tax treatment to the real estate

industries that may have shifted capital from other investments. Also, §121 provides an opportunity for

real estate participants to convert taxable ordinary income into excludable capital gain income.