Matt and Opal Were Married in April of 2016

question 63

Multiple Choice

Matt and Opal were married in April of 2016.Matt has lived in his personal residence for fifteen years and Opal moved into the house after the marriage.Matt died in October 2016.Opal sold the house at a $300,000 gain in December,2016.How much of the gain can Opal exclude?

• A)$250,000.
• B)$300,000.
• C)$0.
• D)None of these.

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Definitions:

Defined Contribution Pension Plan

A retirement plan where both employer and employee contribute to an individual account for the employee, with benefits depending on investment performance.

Bears All The Risk

A term indicating that one party in a transaction is responsible for any financial losses or risks that may arise, commonly used in insurance and investment contexts.

Variable Life

A type of life insurance policy that includes an investment component, where the cash value and death benefit can vary based on the performance of the investments.

Universal Life

A flexible premium life insurance policy that combines protection with a cash value accumulation that earns interest.