6) In order for the gain on the sale of a personal residence to be excluded under Section 121, a replacement residence must be purchased within two years. TRUE OR FALSE 7) The taxpayer must be occupying the residence at the time of the sale in order for Sec. 121 to apply. TRUE OR FALSE 8) If a taxpayer owns more than one home, she can designate the home that will be considered her principal residence for purposes of the Sec. 121 exclusion.TRUE OR FALSE