The IRC Section 121 Exclusion of Gain on the Sale

question 18

True/False

The IRC Section 121 exclusion of gain on the sale of a residence applies to the taxpayer's principal residence and a vacation home.

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Definitions:

Handicapped

A term describing a person who has a physical or mental condition that substantially limits one or more major life activities.

AIDS

Acquired Immune Deficiency Syndrome, a life-threatening condition caused by the human immunodeficiency virus (HIV) impairing the immune system.

Cigarette Smoking

The act of inhaling and exhaling the smoke produced by burning tobacco in cigarettes, which is harmful to health.

Racial Discrimination

Unjust or prejudicial treatment of individuals based on their race, often resulting in inequality of rights and opportunities.