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Edward, age 52, leased a house for one year in Memphis with an option to buy as his personal residence. At the end of the lease, he purchased the house. He lived there for an additional 26 months before his employer transferred him to Tucson. Expecting to be in Tucson for 18 to 24 months, he rented the Memphis house for 18 months with an option to extend on a month-to-month basis for an additional 6 months. At the end of the 18-month period, Edward's employer offered him a permanent position in Tucson as branch manager. The tenant who had been occupying Edward's house in Memphis purchased it at the end of the 24-month extended lease period. Is Edward eligible to elect exclusion treatment under § 121?
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Symbols or placeholders used in mathematics and science to represent values that can change.
Buttermilk
A dairy product traditionally left after churning butter out of cream, now often commercially made by adding lactic acid bacteria to milk.
Baking Soda
Sodium bicarbonate, a compound with formula NaHCO3, commonly used in baking as a leavening agent.
Muffins
Small, single-serving quick breads baked in portions appropriate for one person, often sweetened and flavored with various ingredients.
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