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If Not Entirely Used in One Sale, the Unused Portion

question 9

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If not entirely used in one sale, the unused portion of the $250,000 exclusion on the sale of a taxpayer's principal residence may be used to reduce the recognized gain on the sale of the taxpayer's next residence.


Definitions:

Councilman

An elected member of a council, tasked with legislating and making decisions for a local government area.

Descriptive Measure

A quantitative summary or representation of a set of data, used to describe the main features of a collection of information, including measures of central tendency and dispersion.

Population

The entirety of individuals or items under consideration for a statistical analysis or survey.

Parameter

A characteristic or measure that summarizes an aspect of a population or system, often used in statistical or mathematical models.

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