Which of the Following Is Not an Unforeseen Circumstance for Purposes

question 72

Multiple Choice

Which of the following is not an unforeseen circumstance for purposes of obtaining a partial exclusion of a gain on the sale of a home?

• A)loss of employment by the qualified individual if the individual is eligible for unemployment compensation
• B)natural or man-made disaster resulting in a casualty to the residence
• C)birth of one child
• D)divorce or legal separation

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Definitions:

Investment Return

signifies the gain or loss on an investment over a specified period, usually expressed as a percentage of the investment's cost.

Endowment Effect

A psychological phenomenon in which people value an owned object higher than a similar object they do not own.

Resale

The act of selling a previously bought product, typically used, to another buyer.

Status Quo Bias

The tendency for people to prefer things to stay the same by doing nothing or sticking with a decision made previously.