For Determining Whether a Taxpayer Qualifies to Exclude Gain on the Sale

question 50

True/False

For determining whether a taxpayer qualifies to exclude gain on the sale of a principal residence, the periods of ownership and use need not be continuous nor do they need to cover the same two-year period.

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Definitions:

Relationship

The way in which two or more concepts, objects, or people are connected, or the state of being connected.

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A process or method verified through observation and experimentation rather than theory.

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