From the 2006 IRC. (bold and underlining are mine)
- SECTION P3103
- - VENT TERMINALS
- - - P3103.1 Roof extension. Open vent pipes that extend through a roof shall be terminated at least 6 inches (152 mm) above the roof or 6 inches (152 mm) above the anticipated snow accumulation, whichever is greater, except that where a roof is to be used for any purpose other than weather protection, the vent extension shall be run at least 7 feet (2134 mm)above the roof.
- - - P3103.2 Frost closure. Where the 97.5-percent value for outside design temperature is 0°F (-18°C) or less, every vent extension through a roof or wall shall be a minimum of 3 inches (76 mm) in diameter. Any increase in the size of the vent shall be made inside the structure a minimum of 1 foot (305 mm) below the roof or inside the wall.
- - - P3103.3 Flashings and sealing. The juncture of each vent pipe with the roof line shall be made water tight by an approved flashing. Vent extensions in walls and soffits shall be made weather tight by caulking.
- - - P3103.4 Prohibited use. Vent terminals shall not be used as a flag pole or to support flag poles, TV aerials, or similar items, except when the piping has been anchored in an approved manner.
- - - P3103.5 Location of vent terminal. An open vent terminal from a drainage system shall not be located less than 4 feet (1219 mm) directly beneath any door, openable window, or other air intake opening of the building or of an adjacent building, nor shall any such vent terminal be within 10 feet (3048 mm) horizontally of such an opening unless it is at least 2 feet (610 mm) above the top of such opening.
- - - P3103.6 Extension through the wall.Vent terminals extending through the wall shall terminate a minimum of 10 feet (3048 mm) from the lot line and 10 feet (3048 mm) above the highest adjacent grade within 10 feet (3048 mm) horizontally of the vent terminal. Vent terminals shall not terminate under the overhang of a structure with soffit vents. Side wall vent terminals shall be protected to prevent birds or rodents from entering or blocking the vent opening.

First A, the "vent terminal" must then also meet P3103.5 Location of vent terminal.
First B, vents with an extension through the wall must meet P3103.6 Extension through the wall.

- [Note that First B 'Extension through the wall' is of secondary importance to First A only in that it has "additional requirements" over First A (which is typically the only one of the two applied as most vent terminals 'roof extensions' and not 'wall extensions').]

Second, the vent must also meet 3103.2 Frost closure (if in the area described by the temperature limitation).

Followed by the lesser important (to that photo): P3103.3 Flashings and sealing, and, P3103.4 Prohibited use.

That vent extension through the wall *DOES NOT MEET* 'P3103.5 Location of vent terminal' or 'P3103.6 Extension through the wall, and I don't know if the '3103.2 Frost closure' section applies.

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