the exclusion of gain from the sale of a principal residence under IRC Section 121:

While generally not available to trusts, is available to a grantor trust treated as wholly owned by a single grantor

Is available to any trust where the property is used as a principal residence by a beneficiary of the trust

Can be used by a credit shelter so long as the surviving spouse of the original owner of the home resides in it

Is available to trusts, though both two-year periods (the ownership and use periods) start over on the day the property is transferred to the trust