Deidra Has Owned and Occupied Her Principal Residence for 10

question 81

True/False

Deidra has owned and occupied her principal residence for 10 years.Two and one-half years ago, she married Doug who moved into her house.Doug has never owned a home.When Deidra is transferred to another city, she sells the house and has a realized gain of $425,000.Deidra can exclude the realized gain of $425,000 from her gross income under § 121 if she and Doug file a joint return.

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Definitions:

Coelom

A fluid-filled body cavity found in most multicellular animals, located between the intestinal canal and the body wall, and surrounded by mesoderm tissue.

Endoderm

The innermost layer of cells or tissue of an embryo in early development, giving rise to the lining of the gut and the associated structures.

Mesoderm

The middle layer of an embryo in early development, which will develop into muscles, bones, and circulatory systems.

Nervous System

In most invertebrates, consists of ganglia, sensory cells or sense organs, and networks of neurons. In vertebrates, consists of the brain, spinal cord, sense organs, and nerves; the body’s main regulatory system.