Edward, Age 52, Leased a House for One Year in Memphis

question 96

Essay

Edward, age 52, leased a house for one year in Memphis with an option to buy as his personal residence. At the end of the lease, he purchased the house. He lived there for an additional 26 months before his employer transferred him to Tucson. Expecting to be in Tucson for 18 to 24 months, he rented the Memphis house for 18 months with an option to extend on a month-to-month basis for an additional 6 months. At the end of the 18-month period, Edward's employer offered him a permanent position in Tucson as branch manager. The tenant who had been occupying Edward's house in Memphis purchased it at the end of the 24-month extended lease period. Is Edward eligible to elect exclusion treatment under § 121?

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Definitions:

Osteoclasts

Cells responsible for the breakdown and resorption of bone tissue, playing a critical role in bone growth, healing, and remodeling.

Carpals

The eight small bones that make up the wrist, connecting the hand to the forearm.

Clavicles

Long bones that serve as a strut between the shoulder blade and the sternum or breastbone, known as collarbones.

Tarsals

The seven bones in the foot that form the ankle and the back part of the foot arch, contributing to its structure and movement.