rbynaker
Level 14

Section 1212(b)(3):

https://www.law.cornell.edu/uscode/text/26/121

Application to only 1 sale or exchange every 2 years

Subsection (a) shall not apply to any sale or exchange by the taxpayer if, during the 2-year period ending on the date of such sale or exchange, there was any other sale or exchange by the taxpayer to which subsection (a) applied.