3. Vocabulary - Taxable income terminology

Taxable Income Terminology

Match the taxable income terms on the right with the descriptions of the terms on the left. (Note: These are not necessarily complete definitions, but there is only one possible answer for each term.)

Description	Term
To qualify for exclusion during this transaction, you must have owned and occupied for two of the five prior years.
This term includes income gained from real estate and limited partnerships.
This term includes expenses that can only offset portfolio income.
Using taxable income, it is based on tax tables or tax rate schedules.
This term refers to gross income less adjustments, deductions, and exemptions.