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:

Social Security Rate

The percentage rate at which income is taxed to fund a country's social security system, which usually provides retirement, disability, and survivor benefits.

Unfunded Pension Liability

The gap between the pension benefits promised to employees and the actual amount of funds available to meet those obligations.

Long-term Liability

Financial obligations of a business that are due beyond the current fiscal year or operating cycle.

SUTA Payable

State Unemployment Tax Act payable, a liability account for taxes owed by employers to state unemployment insurance programs.