### Question
What is the definition of date of acquisition?


### Answer
The definition of **date of acquisition** is as follows in *26 U.S.C. § 72*:

> the date—


(I) on which a binding contract to acquire the principal residence to which subparagraph (A) applies is entered into, or


(II) on which construction or reconstruction of such a principal residence is commenced

#### Citation:
  - *26 U.S.C. § 72*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART II-ITEMS SPECIFICALLY INCLUDED IN GROSS INCOME**

