Which of the Following Is True About the Gain Excluded

question 36

Multiple Choice

Which of the following is true about the gain excluded on the sale of a personal residence by certain individuals?

• A)The taxpayer generally must be at least 55 years of age on the date of sale.If husband and wife sell a jointly owned residence, both must be at least 55 years of age.
• B)The residence must have been used by the taxpayer as his/her personal residence for at least five of the seven years preceding the sale.
• C)Any portion of gain in excess of the limit must be recognized.
• D)Only one residence qualifies for this exclusion during a person's lifetime.

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Definitions:

Disenfranchised

Refers to individuals or groups who feel deprived of rights or privileges, often leading to a sense of alienation and disenchantment.

Exaggerated

Something that is overstated or represented more intensely or dramatically than is the actual case.

Masked

Hidden or concealed, often referring to symptoms or conditions that are not immediately apparent or are disguised as something else.

Ambulating

The process of walking or moving about independently.