Jenna,who Is Single,sold Her Principal Residence on December 1,2013,and Excluded

question 54

Multiple Choice

Jenna,who is single,sold her principal residence on December 1,2013,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 1,2014 that she occupied until July 1,2014 when she receives a new job offer from an employer in Miami.She sells the Pensacola residence on October 1,2014 and realizes a gain of $40,000.Jenna may exclude what amount of the gain from the sale on October 1,2014?

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

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