Which of the Following Statements Regarding a Taxpayer's Principal Residence

question 92

Multiple Choice

Which of the following statements regarding a taxpayer's principal residence is true forthe purposes of determining whether the taxpayer is eligible to exclude gain realized on the sale of the residence?

• A)A taxpayer may have more than one principal residence at any one time.
• B)A taxpayer's principal residence may not be a houseboat.
• C)A taxpayer with more than one residence may annually elect which residence is considered to be the principal residence.
• D)None of the choices are correct.

---

Definitions:

Market Model

An economic concept that describes the interactions between buyers and sellers in the marketplace, determining the price and distribution of goods and services.

Religious Services

Ceremonial acts of worship or rites performed in accordance with the beliefs and practices of a faith or religion.

Counselling

A professional practice involving guidance and support to help individuals manage and overcome personal, social, or psychological challenges.

Religious Beliefs

The faith-based concepts and principles that form the foundation of a religion, encompassing doctrines, rituals, and moral codes.