To Qualify for the IRC Section 121 Exclusion of Gain

question 51

True/False

To qualify for the IRC Section 121 exclusion of gain on the sale of a residence,the taxpayer must have lived in the home for a continuous two-year period.

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Definitions:

Kilograms

A unit of mass in the metric system, equivalent to one thousand grams.

Dimensional-analysis

A process of converting units of measurement to solve problems involving measurements of various dimensions.

Kilometers

A unit of length in the metric system equal to 1000 meters.

Miles

A unit of distance or length measure equal to 5,280 feet or approximately 1.609 kilometers, used mainly in the United States.