Cameron (Single) Purchased and Moved into His Principal Residence on July

question 3

Multiple Choice

Cameron (single) purchased and moved into his principal residence on July 1, 2014. On June 1, 2015, Cameron lost his job. Because he couldn't afford the payments on his new home, he sold it on July 1, 2015 in order to move into some apartments across the street. On the sale of his principal residence, Cameron realized a $50,000 gain. How much of the gain is Cameron allowed to exclude from his 2015 gross income?

• A) $0
• B) $2,500
• C) $25,000
• D) $50,000

---

Definitions:

Face Cultures

Societies that place a high value on social standing, honor, and reputation, often emphasizing respect and the maintenance of social harmony.

Cultural Characteristic

describes the traits, customs, traditions, and behaviors that define a particular society or ethnic group.

Honor

A code of integrity, dignity, and pride, often associated with moral uprightness and respect.

Cultural Characteristic

Refers to the traits, values, practices, and symbols that are unique to a group of people and distinguish them from others.