A Taxpayer Who Otherwise Meets the Ownership and Use Tests

question 31

True/False

A taxpayer who otherwise meets the ownership and use tests may not be allowed to exclude all of her realized gain if the taxpayer has nonqualified use of the home before selling.

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Definitions:

Relaxed

A condition where there is no stress or worry present.

Distinctiveness

The quality of being clearly different or unique, in comparison to other things or people.

Personality

An assortment of characteristics that shapes an individual's unique character.

Experiences

Pertains to events or occurrences personally encountered or undergone by an individual.