Deidra Has Owned and Occupied Her Principal Residence for 10

question 81

True/False

Deidra has owned and occupied her principal residence for 10 years.Two and one-half years ago, she married Doug who moved into her house.Doug has never owned a home.When Deidra is transferred to another city, she sells the house and has a realized gain of $425,000.Deidra can exclude the realized gain of $425,000 from her gross income under § 121 if she and Doug file a joint return.

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Definitions:

U.S. Department of Justice

A federal executive department responsible for enforcing the law and administration of justice in the United States, headed by the Attorney General.

Monopoly

A market structure characterized by a single seller who has exclusive control over a product or service.

Antitrust Law

Legal regulations designed to promote fair competition for the benefit of consumers, by preventing monopolies, cartels, and other practices that restrain free trade.

Interstate Commerce

Trade, traffic, or transportation involving the movement of goods or people across state lines, regulated by federal law.