A Taxpayer Whose Principal Residence Is Destroyed in a Fire

question 44

True/False

A taxpayer whose principal residence is destroyed in a fire can use both the § 121 (sale of residence gain exclusion) and the § 1033 (involuntary conversion postponement of gain) provisions.

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Definitions:

Vocal Fillers

Unnecessary words or sounds uttered unconsciously by speakers to fill small pauses during verbal communication.

Dietary Tracking App

A mobile application designed to monitor and record food intake and nutritional information.

Smartphone

A mobile phone that performs many of the functions of a computer, typically having a touchscreen interface, internet access, and an operating system capable of running downloadable apps.

Mass Media Material

Content created for distribution on large-scale platforms aimed at reaching a wide audience, including news, advertising, and entertainment.