Jenna,who Is Single,sold Her Principal Residence on December 1,2018,and Excluded

question 65

Multiple Choice

Jenna,who is single,sold her principal residence on December 1,2018,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 1,2019,that she occupied until July 1,2019,when she received a new job offer from an employer in Miami.She sells the Pensacola residence on October 1,2019,and realizes a gain of $40,000.Jenna may exclude what amount of the gain from the sale on October 1,2019?

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

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Definitions:

Sedative-Hypnotic

A category of drugs that depresses the central nervous system, inducing calm (sedation) or sleep (hypnosis).

Benzodiazepine

is a class of drugs primarily used for treating anxiety, but also used in treating seizures and insomnia, by enhancing the activity of certain neurotransmitters in the brain.

LSD

Lysergic acid diethylamide, a powerful hallucinogenic drug that alters perception, feelings, and thoughts.

Barbiturate

A class of drugs that act as central nervous system depressants, commonly used for anesthesia, sedation, and the treatment of various sleep disorders.