A Taxpayer Whose Principal Residence Is Destroyed in a Fire

question 44

True/False

A taxpayer whose principal residence is destroyed in a fire can use both the § 121 (sale of residence gain exclusion) and the § 1033 (involuntary conversion postponement of gain) provisions.

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Definitions:

Imbalanced Nutrition

A nutritional state where an individual's dietary intake does not meet their body's needs, leading to health issues.

Ineffective Airway Clearance

A state where a person has difficulty clearing secretions or obstructions from the respiratory tract to maintain a clear airway.

Impaired Swallowing

Difficulty in the act of swallowing, potentially leading to risks of aspiration or nutritional deficiencies.

Impaired Physical Mobility

A reduction in the ability to move one's body freely and independently, which can impact daily activities and quality of life.