Jenna,who Is Single,sold Her Principal Residence on December 1,2012,and Excluded

question 68

Multiple Choice

Jenna,who is single,sold her principal residence on December 1,2012,and excluded the $150,000 gain because she met the ownership and usage requirements under Sec.121.Jenna purchased another residence in Pensacola on January 1,2013 that she occupied until July 1,2013 when she receives a new job offer from an employer in Miami.She sells the Pensacola residence on October 1,2013 and realizes a gain of $40,000.Jenna may exclude what amount of the gain from the sale on October 1,2013?

• A)$-0-
• B)$10,000
• C)$20,000
• D)$40,000

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Definitions:

Group Polarization

The enhancement of a group’s prevailing inclinations through discussion within the group.

Social Loafing

The phenomenon where individuals exert less effort to achieve a goal when they work in a group than when they work alone.

Mimicking

Mimicking involves imitating or copying someone else's actions, speech, or expressions, often as a way to learn, fit in, or as a form of social interaction.

Natural Mimicry

The adaptive resemblance of one species to another, which provides protection or other advantages in the natural environment.