Wyatt Sells His Principal Residence in December 2016 and Qualifies

question 114

True/False

Wyatt sells his principal residence in December 2016 and qualifies for the § 121 exclusion.He sells another principal residence in November 2017.Under no circumstance can Wyatt qualify for the § 121 exclusion on the sale of the second residence.

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Definitions:

Depression

A common and serious mood disorder characterized by persistent feelings of sadness, hopelessness, and a lack of interest or pleasure in activities, affecting daily functioning.

ECT

Electroconvulsive Therapy, a psychiatric treatment in which seizures are electrically induced in patients to provide relief from mental disorders, especially severe depression.

Cognitive Side Effects

Unintended changes in thinking, memory, or other cognitive functions that may result from medication, treatment, or disease.

Short-term Memory

A type of memory responsible for temporarily holding a small amount of information in mind in an accessible state for a short period.