For Purposes of Computing the Deduction for Qualified Residence Interest

question 88

True/False

For purposes of computing the deduction for qualified residence interest, a qualified residence includes the taxpayer's principal residence and two other residences of the taxpayer or spouse.

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Definitions:

Security Interest

A legal claim or lien on collateral that has been pledged, usually by a debtor to secure repayment of a loan, giving the lender a right to repossess the property if the loan is not repaid.

Buyer in the Ordinary Course

An individual who purchases goods in good faith from a seller who is in the normal course of business of selling such goods.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, designed to harmonize the law of sales and other commercial contracts.

Convention on Contracts for International Sale of Goods

An international treaty that establishes a uniform framework for the law governing the international sale of goods.