Larry Owned and Lived in a Home for Five Years

question 104

Multiple Choice

Larry owned and lived in a home for five years before marrying Darlene. Larry and Darlene lived in the home for one year before selling it at a $600,000 gain. Larry was the sole owner of the residence until it was sold. What is the maximum amount of gain that Larry and Darlene may exclude?

• A)$0.
• B)$250,000.
• C)$500,000.
• D)$600,000.

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Definitions:

Theodore Levitt

Theodore Levitt was a renowned economist and professor at Harvard Business School, best known for his work on marketing and for coining the term "globalization."

Market Share

The percentage of an industry's sales that a particular company controls, serving as an indicator of the company's size and competitiveness.

Trucking

The transportation of goods and materials by road using trucks.

Routes

Paths or methods chosen to deliver goods or services to consumers, which can also refer to the logistical pathways in supply chain management.