Under What Circumstances May a Partial § 121 Exclusion Be

question 10

Essay

Under what circumstances may a partial § 121 exclusion be available even though the taxpayer has used the § 121 exclusion within the two-year period preceding the sale of the current residence?

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Definitions:

Corporate Secretary

A corporate secretary is an officer of a company responsible for ensuring compliance with statutory and regulatory requirements and implementing decisions made by the board of directors.

Revised Act

Legislation that has been amended or updated from its original version.

Material Violation

A substantial breach of a contract or agreement that significantly undermines the contract's purpose or damages the interests of one of the parties involved.

Material Breach

a significant violation of a contractual agreement that permits the other party to the contract to demand remediation or terminate the agreement.