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Loss from the sale of a personal residence is never recognized but gain from the sale of a personal residence may be recognized. 1) True

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Loss from the sale of a personal residence is never recognized but gain from the sale of a personal residence may be recognized. 1) True 2) False Question 24 (4 points) If a gain realized on the sale of a personal residence is above the allowed exclusion, the excess may be deferred through a reduction in the basis of the new residence. 1) True 2) False Question 25 (4 points) A widowed taxpayer's period of ownership of a residence includes the period the deceased spouse owned and used the property before death. 1) True 2) False

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