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

question 58

Multiple Choice

Which of the following statements regarding a taxpayer's principal residence is True for 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 these statements is True.

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Definitions:

Urine Volume

The total amount of urine expelled from the body in a given period, which can vary based on hydration, health, and other factors.

Digestive

Relating to the process by which food is broken down and absorbed by the body.

Gallbladder

A small organ located beneath the liver, storing and concentrating bile produced by the liver before releasing it into the small intestine to aid in digestion.

Liver

A vital organ that performs detoxification, metabolism, and protein synthesis.