Is it possible to reverse a taxable transaction in the same year with no tax consequence? Boyfriend purchased property from girlfriend in which both are living in the same house rather than repay a loan from girlfriend to boyfriend. Deed was changed reflecting change in ownership. Girlfriend didn't know this would cause tax consequence. Is it possible to revert the transaction within the same taxable year to the position prior to the transaction. What is the basis for doing this in the code or in case law?
13-Sep-2019 2:45pm
