A Taxpayer Must Have Owned and Lived in a Personal

question 24

True/False

A taxpayer must have owned and lived in a personal residence at least two of the last five years in order to qualify for the maximum exclusion of gain on sale of that residence.

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Definitions:

Material Culture

The physical objects, resources, and spaces that people use to define their culture, including buildings, artifacts, tools, and artwork.

Nonmaterial Culture

Aspects of culture that encompass values, beliefs, norms, and languages, which are not physically tangible but significantly influence human behavior and societal development.

Mores

Strongly held norms or customs that embody the fundamental moral views of a group or society.

Folkways

Norms for routine or casual interaction that dictate social expectations and behaviors in everyday life.