The Taxpayer Can Elect to Have the Exclusion of Gain

question 53

True/False

The taxpayer can elect to have the exclusion of gain under § 121 (sale of principal residence) not apply.

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Definitions:

Live Births

The delivery of a baby who shows signs of life, such as breathing, heartbeat, or voluntary muscle movement, after separation from the mother's body.

Adaptive Behaviour

Actions and skills that allow an individual to meet standards of personal independence and social responsibility appropriate for their age and cultural group.

Intellectual Disability

A disability characterized by significant limitations in both intellectual functioning (reasoning, learning, problem solving) and in adaptive behavior, which covers a range of everyday social and practical skills.

Subaverage Intellectual Functioning

Below average intellectual capability as demonstrated by an IQ typically under 70, and associated with difficulties in adaptive functioning.