Jenna,who Is Single,sold Her Principal Residence on December 1,2014,and Excluded

question 47

Multiple Choice

Jenna,who is single,sold her principal residence on December 1,2014,and excluded the $150,000 gain because she met the ownership and usage requirements under Sec.121.Jenna purchased another residence in Pensacola on January 1,2015 that she occupied until July 1,2015 when she receives a new job offer from an employer in Miami.She sells the Pensacola residence on October 1,2015 and realizes a gain of $40,000.Jenna may exclude what amount of the gain from the sale on October 1,2015?

• A)$0
• B)$10,000
• C)$20,000
• D)$40,000

Comprehend the role of personality in shaping reactions to environmental stimuli.

Analyze processes of social comparison and decision making in social settings.

Understand the significance of prosocial behavior in personal and social well-being.

Explore the impact of group identity on individual's self-perception and benefits.

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Definitions:

Competition

The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix.

Illegal

Activities or actions that are prohibited by law and subject to legal penalties, including fines and imprisonment.

Legal

Pertaining to laws or the system of rules that a particular country or community recognizes as regulating the actions of its members.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often to maximize overall profits.