In Order to Be Eligible to Exclude Gain on the Sale

question 86

Multiple Choice

In order to be eligible to exclude gain on the sale of a principal residence, the taxpayer must meet which of the following test(s) ?

• A)Rental test.
• B)Use test.
• C)Ownership test.
• D)Business use test.
• E)Ownership and use test.

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Definitions:

Correct Meaning

The accurate interpretation or significance of a word or expression.

Sodium

a chemical element, designated by the symbol Na, essential for nerve and muscle function, and regulating body fluids.

Correct Abbreviation

A standardized short form of a word or phrase that is officially recognized and widely used for documentation and communication.

Adrenocortical Hormones

Hormones produced by the adrenal cortex, such as cortisol, aldosterone, and androgens, involved in regulating metabolism, immune response, salt and water balance, and other functions.