PLEASE HELP ME SOLVE CORRECTLY Discussion Question 13-24 (LO. 8)To qualify for exclusion treatment on the sale of a principal residence, the residence must have been owned and used by the taxpayer for atleast two years during the five-year period ending on the date of the sale. Are there any exceptions to this provision?There is an exception under 5 121EV. Under this code section, the exclusion amount for a taxpayer filing single is $which is multiplied-v by a fraction, the numerator of which is the number of qualifying months and thedenominator of which ismonths. The result is the maximum amount of excluded-v gain. The relief provisionapplies when the failure to meet the two-year ownership and occupancy requirement resultsfrom employment, health, or other unforeseen circumstances as defined in the RegulationsFeedbackV Check My WorkIf not all the statutory requirements are satisfied, there may still be partial § 121 relief available, based on time occupied.

o qualify for exclusion treatment on the sale of a principal residence, the residence must have east two years during the five-year period ending on the date of the sale. Are there any excep here is an exception under § 121 7 . Under this code section, the exclusion amount f V by a fraction, the numerator of which is the n which is multiplied enominator of which is months. The result is the maximum amount of exclu pplies when the failure to meet the two-vear ownership and occupancy reguirement results

o qualify for exclusion treatment on the sale of a principal residence, the residence must have east two years during the five-year period ending on the date of the sale. Are there any excep here is an exception under § 121 7 . Under this code section, the exclusion amount f V by a fraction, the numerator of which is the n which is multiplied enominator of which is months. The result is the maximum amount of exclu pplies when the failure to meet the two-vear ownership and occupancy reguirement results

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 15DQ

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