To Qualify for the IRC Section 121 Exclusion of Gain

question 51

True/False

To qualify for the IRC Section 121 exclusion of gain on the sale of a residence,the taxpayer must have lived in the home for a continuous two-year period.

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Definitions:

Shortgrass Prairie

A grassland ecosystem characterized by the dominance of shortgrass species, adapted to arid conditions and grazing pressure, found in the central United States and other parts of the world.

Temperate Grassland

A grassland characterized by hot summers, cold winters, and less rainfall than is found in a temperate deciduous forest biome.

Mediterranean Sea

A sea connected to the Atlantic Ocean surrounded by the Mediterranean region and almost completely enclosed by land.

Chaparral

A biome with a Mediterranean climate (mild, moist winters and hot, dry summers). Chaparral vegetation is characterized by drought-resistant, small-leaved evergreen shrubs and small trees.