old and cold rule
n.— «If you plan to use the vacation home as the relinquished property, do not use it personally for at least two years, and two tax returns. The IRS has adopted what is known as the “old and cold” rule. If you engage in a transaction for the purpose of avoiding the payment of tax, and the transaction occurred more than two years ago, the IRS will generally not pursue the matter.» —“Housing Counsel: IRS Monitoring Starker Exchange” by Benny L. Kass Realty Times May 1, 2006. (source: Double-Tongued Dictionary)
Further reading
When there’s no evening meal planned at home, what do you call that scramble to cobble together your own dinner? Some people apply acronyms like YOYO — “you’re on your own” — or CORN, for “Clean Out your Refrigerator...
You know that Yogi Berra quote about how Nobody ever comes here; it’s too crowded? Actually, the first person to use this was actress Suzanne Ridgeway, who appeared in several movies with The Three Stooges. A new book shows that many well...