The Maximum Amount of the § 121 Gain Exclusion on Sale

question 38

True/False

The maximum amount of the § 121 gain exclusion on sale of a principal residence is $250,000 for a single individual and $500,000 for a married couple.

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Definitions:

Empathy

The ability to understand and share the feelings of another person from their perspective.

Just-World Hypothesis

According to Lerner and Miller, people need to believe that the world is a just place where they get what they deserve. As evidence of undeserved suffering undermines this belief, people may conclude that victims deserve their fate.

Normative Influence

An influence to conform to the positive expectation of others, to gain social approval or to avoid social disapproval.

Modelling Effect

The process by which individuals learn behaviors, norms, or attitudes by observing the actions of others, often significant in social learning theory.