Ron and Fay Live in Buffalo

question 59

True/False

Ron and Fay live in Buffalo.They also own a condominium in Orlando (purchased in 2009)which they rent to vacationers.Ron and Fay will be retiring.They plan to live in the Orlando property for two and a half years.When they sell it,they will be able to exclude the full gain which is expected to be about $200,000.

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Definitions:

Porosity

The measure of a rock's ability to hold water, determined by the volume of voids or spaces within the rock.

Artesian Aquifer

A confined aquifer containing groundwater under positive pressure, causing water to rise above the surrounding water table when tapped.

Confined Aquifer

A confined aquifer is a water-bearing stratum of permeable rock, sand, or gravel that is trapped between layers of impermeable rock and is under pressure.

Perched Aquifer

A perched aquifer is a groundwater body that sits above the main water table, separated by a layer of impermeable rock or sediment, typically providing a limited and localized water source.