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

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Definitions:

Internal Moral Processing

The cognitive and emotional processes through which individuals discern and reflect upon their ethical beliefs and values to guide their behavior.

Balanced Processing

A cognitive approach in decision-making where a person considers all relevant information equally without bias toward any specific outcome.

Positive Psychological Capacities

Psychological traits or states that contribute to a person's resilience, optimism, and overall mental health, enhancing their performance and well-being.

Hope

The feeling of expectation and desire for a certain thing to happen, often accompanied by confidence in a positive outcome.