South-western Federal Taxation 2018: Individual Income Taxes
South-western Federal Taxation 2018: Individual Income Taxes
41st Edition
ISBN: 9781337385886
Author: William H. Hoffman, James C. Young, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 15, Problem 15DQ
To determine

Identify whether there are any exceptions to the given provision. Explain.

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To qualify for exclusion treatment on the sale of a principal residence, the residence must have been owned and used by the taxpayer for at least two years during the five-year period ending on the date of the sale. Are there any exceptions to this provision? ✔. Under this code section, the exclusion amount for a taxpayer filing single is $ There is an exception under § 121 which is multiplied ✓by a fraction, the numerator of which is the number of qualifying months and the denominator of which is months. The result is the maximum amount of excluded ✓gain. The relief provision applies when the failure to meet the two-year ownership and occupancy requirement results from employment, health, or other unforeseen circumstances as defined in the Regulations ✓.
S1: If a taxpayer dies within the taxable period, its accounting period shall cover the start of the calendar year until his/her demise . S2: Ordinary assets shall refer to properties held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business A. Both statements are correct. B. Both statements are incorrect. C. Only S1 is correct. D. Only S2 is correct.

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South-western Federal Taxation 2018: Individual Income Taxes

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