Which of the Following Is/are Correct Regarding the Sale of a Principal

question 77

Multiple Choice

Which of the following is/are correct regarding the sale of a principal residence?
I.A taxpayer who is single and fails to meet the ownership or use test due to change in employment is entitled to a pro rata share of the $250,000 exclusion.
II.A single taxpayer can exclude up to $250,000 of the gain on the sale of a vacation home.
​

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

Recognize the signs and potential outcomes of social deprivation and attachment disorders.

Understand the dynamics and consequences of child abuse and neglect.

Differentiate between disciplinary actions and child abuse, recognizing the legal and ethical boundaries.

Understand the basic arguments for and against protectionism in international trade.

---

Definitions:

Lost Property

Items that have been unintentionally left by their owner at a location they do not remember.

Negotiable Electronic Document

Electronic records that can be transferred from one party to another, assuming certain legal rights and obligations akin to a traditional paper document.

Voluntary Transfer

The intentional conveyance of property rights or titles from one party to another without coercion.

Lost Property

Items that the owner has unintentionally and inadvertently left somewhere, indicating the owner likely does not know the location.