All of the Following Statements Are True with Regard to Personal

question 84

Multiple Choice

All of the following statements are true with regard to personal residences except:

• A)Temporarily renting property that was formerly the taxpayer's principal residence does not automatically preclude the use of Sec.121.
• B)To qualify for favorable tax treatment under Sec.121,the residence must be either the taxpayer's principal residence or a secondary residence.
• C)In the case of married taxpayers,an individual may claim the exclusion even if the individual's spouse used the exclusion within the past two years.
• D)Houseboats,house trailers,and condominium apartments may qualify as a principal residence.