If a Husband and Wife Own Their Principal Residence Jointly

question 14

True/False

If a husband and wife own their principal residence jointly, both must meet the ownership and occupancy tests to exclude the gain under § 121.

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Definitions:

Median Voter

A theoretical concept that suggests the outcome of a majority vote is most likely to represent the preferences of the voter who is in the middle of the political spectrum.

Majority Rule

A decision rule that selects alternatives which have a majority, that is, more than half the votes.

Median Voter Theorem

A political science theory suggesting that the outcome of a majority-vote election is most likely to represent the preferences of the median voter.

Majority Rule

A decision-making process where the choice supported by more than half of the members in a group is accepted or becomes the decision.