In Certain Circumstances, a Taxpayer Who Does Not Meet the Ownership

question 78

True/False

In certain circumstances, a taxpayer who does not meet the ownership and use tests may still be allowed to exclude the entire realized gain on the sale of a principal residence.

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Definitions:

Lowest Terms

refers to the simplest form of a fraction, where the numerator and denominator are as small as possible and share no common divisors other than 1.

Fractions

Mathematical expressions representing the division of one quantity by another, indicating parts of a whole.

Improper Fractions

Fractions where the numerator is greater than or equal to the denominator.

Mixed Numbers

Numbers consisting of an integer and a fraction.