1,On an involuntary conversion, gain is recognized to the extent of the lower of gain realized or the proceeds not used for replacement. True False

2. If married taxpayers live in their personal residence for more than two years, the couple can exclude a maximum of $250,000 on the gain from the sale of the residence. True False

3. Xavier is a self-employed plumber. His earnings from self-employment, before the Keogh deduction but after deducting half of the self-employment tax, are $80,000. What is his deductible Keogh contribution for 2019?

A) $16,000.

B) $20,000.

C) $54,000.

D) $64,000.