If a Principal Residence Is Sold Before Satisfying the Ownership

question 23

True/False

If a principal residence is sold before satisfying the ownership and use tests,part of the gain may be excluded if the sale is due to a change in employment,health,or unforeseen circumstances.

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Definitions:

Jewish Grandparent

Refers to a grandparent of Jewish heritage, emphasizing cultural or religious identity within a familial context.

Formal Organization

An organized group of people with a fixed structure and rules designed to achieve specific goals, often marked by a clear hierarchy and division of labor.

Medieval Knights

Warriors of the medieval period, typically of noble birth, who were trained for combat, and bound by codes of chivalry and honor.

Reference Group

A social group that an individual uses as a standard for evaluating themselves and their behavior, influencing their attitudes and actions.