Wyatt Sells His Principal Residence in December 2015 and Qualifies

question 1

True/False

Wyatt sells his principal residence in December 2015 and qualifies for the § 121 exclusion.He sells another principal residence in November 2016.Under no circumstance can Wyatt qualify for the § 121 exclusion on the sale of the second residence.

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Definitions:

Exemption Clause

An Exemption Clause is a part of a contractual agreement that seeks to limit the liability of one of the parties in certain situations, effectively exempting them from fulfilling certain obligations or liabilities.

Commercial Transactions

Activities involving the purchasing, selling, trading, and distribution of goods and services among businesses or entities.

Exemption Clause

A clause in a contract that restricts or eliminates the responsibility of one party for specific violations or circumstances.

Minor Defects

Small flaws or imperfections that do not significantly impair an item's use or value.