A Taxpayer Who Sells a Principal Residence That Has Been

question 37

True/False

A taxpayer who sells a principal residence that has been used (or is being used)as a rental property since 2005 will not be allowed to exclude the portion of the gain attributable to depreciation even if the taxpayer meets the ownership and use tests and the gain realized on the sale is lower than the maximum exclusion amount.

---

Definitions:

Nonprofit Management Programs

Educational or training initiatives designed to improve the skills and knowledge of those running nonprofit organizations.

Business Schools

educational institutions specializing in teaching courses and programs related to business and management.

Public Affairs

Refers to the management of relationships between an organization and politicians, governments, and other public bodies.

Accountable

Refers to the obligation of individuals or organizations to account for their activities, accept responsibility for them, and disclose the results in a transparent manner.