All of the Following Statements Are True with Regard to Personal

question 84

Multiple Choice

All of the following statements are true with regard to personal residences except:

• A)Temporarily renting property that was formerly the taxpayer's principal residence does not automatically preclude the use of Sec.121.
• B)To qualify for favorable tax treatment under Sec.121,the residence must be either the taxpayer's principal residence or a secondary residence.
• C)In the case of married taxpayers,an individual may claim the exclusion even if the individual's spouse used the exclusion within the past two years.
• D)Houseboats,house trailers,and condominium apartments may qualify as a principal residence.

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Definitions:

Repudiated the Contract

The act of refusing to perform the duties or obligations set forth in a contract.

Withdrawn

Refers to the act of taking back or removing an offer, statement, or accusation before it has been accepted or acted upon.

Changes Mind

Changing mind refers to the act of altering one's decision or opinion about a previously made choice or stance.

Rejecting Delivery

The act of refusing to accept goods or delivery of goods, typically because they do not meet the terms of a contract or order.