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:

Independence

The state or quality of being self-reliant and free from outside control.

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A region in the United States characterized by its distinct cultural, historical, and geographical features, often referred to as the American South.

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Testosterone Production

The biological process by which the male body produces testosterone, a hormone responsible for the development of male secondary sexual characteristics.