To Qualify for the § 121 Exclusion, the Property Must

question 26

True/False

To qualify for the § 121 exclusion, the property must have been used by the taxpayer for the 5 years preceding the date of sale and owned by the taxpayer as the principal residence for the last 2 of those years.

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Definitions:

Saddam Hussein

The fifth President of Iraq, serving from 1979 until 2003, known for his authoritarian regime, involvement in multiple wars, and eventual overthrow by a U.S.-led coalition.

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World View

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A distinguished American military leader and statesman, who served as the 65th United States Secretary of State and was the first African American to hold that position.