Examlex
Larry, who lived in Maine, acquired a personal residence eight years ago when he was 42 years old.During this period he has occupied the residence for only nine months (out of 12) each year due to winter vacations in Florida.Is Larry eligible for exclusion of gain under § 121?
Consideration
In contract law, something of value exchanged between parties, which is a necessary element for the formation of a legally binding contract.
Not Responsible
A declaration or disclaimer denoting that a party claims no liability or accountability.
Maintenance
The act of preserving, repairing, and keeping property, equipment, or systems in working order or in a condition to serve its intended purpose.
Delusion
A false belief or impression that is held despite invalidating evidence, often as a symptom of a psychiatric disorder.
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