Cameron (Single) Purchased and Moved into His Principal Residence on July

question 11

Multiple Choice

Cameron (single) purchased and moved into his principal residence on July 1, year 1. On June 1, year 2, Cameron lost his job. Because he couldn't afford the payments on his new home, he sold it on July 1, year 2 in order to move into some apartments across the street. On the sale of his principal residence, Cameron realized a $50,000 gain. How much of the gain is Cameron allowed to exclude from his year 3 gross income?

• A)$0.
• B)$2,500.
• C)$25,000.
• D)$50,000.

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Definitions:

Economic Immigration

The movement of individuals from one country to another to seek better economic opportunities, often including employment and business prospects.

Prospects

The potential or expectation for future success or advancement.

Arrival

The act of reaching a destination or the occurrence of an event, often used in the context of transport, logistics, or the beginning of a process.

Economic Immigration

The movement of individuals from one country to another with the aim of seeking better economic opportunities and employment.