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Which of the following is/are correct regarding the sale of a principal residence?
I.A single taxpayer can only use the $250,000 exclusion once every 3 years.
II.Married taxpayers who both meet the ownership and use tests and file jointly can each exclude $250,000 of gain ($500,000 total) on the sale of their principal residence.
Hydrolysis
A chemical reaction that involves the breaking of a bond in a molecule using water, commonly seen in the breakdown of biomolecules.
Nitriles
Organic compounds containing a cyano group (-C≡N) bonded to an alkyl group, known for their use in organic synthesis and as solvents.
Amides
Organic compounds characterized by a carbonyl group (C=O) attached to a nitrogen atom.
Lithium Aluminum Hydride
A powerful reducing agent used in organic chemistry for the reduction of aldehydes, ketones, and esters to alcohols.
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