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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Definitions:

Chance Variation

Random fluctuations in data or characteristics within or across populations due to unpredictable causes.

Gender Stereotypes

Widely held beliefs about the characteristics, attributes, and behaviors deemed appropriate for individuals based solely on their gender.

Accountable

Being responsible for one's actions or decisions, often within a professional context, and facing potential consequences for failures.

Detrimental Effects

Negative impacts or outcomes that arise from a particular action or set of conditions, often leading to harm or disadvantage.