Which of the Following Statements Is True

question 39

Multiple Choice

Which of the following statements is true?

• A)A taxpayer's personal residence qualifies for a like-kind exchange.
• B)A taxpayer who sells a personal residence may always exclude the realized gain from taxable income.
• C)A one-time election is available to taxpayers 55 years of age or older which allows them to sell their personal residences and to exclude all of the realized gain.
• D)None of the above are true.
• E)All of these

---

Definitions:

Wilhelm Wundt

Often regarded as the father of experimental psychology, he established the first psychology laboratory in Leipzig, Germany.

Structuralism

A theory in psychology focusing on the elements of consciousness and their logical relationships, aimed at understanding the structure of the mind.

Functionalism

A theory in psychology that emphasizes the purpose and practical consequences of mental processes and behaviors.

Mental Processes

The operations of the mind, such as thinking, learning, memory, and perception, that enable understanding and response to the environment.