Which of the Following Is Not True of Principal Residences

question 42

Multiple Choice

Which of the following is not true of principal residences?

• A)"Principal residence" can refer only to property which the taxpayer owns.
• B)A taxpayer cannot occupy two principal residences at the same time.
• C)If a taxpayer rents out his or her former principal residence while trying to sell it, it may still qualify as the taxpayer's principal residence for purposes of § 121.
• D)A taxpayer can exclude gain only on the sale of one property every two years.

---

Definitions:

Ethical Issue

A situation or problem that requires an individual or organization to choose between alternatives that must be evaluated as right or wrong.

CHARACTER COUNTS!

A framework for teaching ethics and character education focusing on six core ethical values such as trustworthiness, respect, responsibility, fairness, caring, and citizenship.

Kohlberg

refers to Lawrence Kohlberg, an American psychologist best known for his theory of stages of moral development.

Morality Stage

A phase in moral development characterized by changing beliefs and behaviors related to concepts of right and wrong.