In Order for the Gain on the Sale of a Personal

question 51

True/False

In order for the gain on the sale of a personal residence to be excluded under Section 121,a replacement residence must be purchased within two years.

---

Definitions:

Jane Addams

An American social reformer and pacifist, co-founder of Chicago's Hull House, and the first American woman to receive the Nobel Peace Prize.

Julia Lathrop

An American social reformer in the early 20th century, recognized for her work in child welfare and as the first woman to head a federal agency in the United States.

Economic Depression

A prolonged period of severe economic downturn characterized by significant decline in economic activity, high unemployment, and deflation.

Rerum Novarum

An encyclical issued by Pope Leo XIII in 1891, addressing the condition of the working classes and promoting workers' rights.