TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) If a principal residence is sold before satisfying the ownership and use tests, part of the gain may be excluded if the sale is due to a change in employment, health, or unforeseen circumstances. 1) 2) 2) Vector Inc.'s office building burned down on October 31, 2019. Vector, a calendar-year taxpayer, finally settles with the insurance company on February 3, 2020. In order to defer the gain realized on the building, Vector must acquire another office building by February 3, 2022. 3) A taxpayer may elect to defer recognition of a loss resulting from an involuntary conversion. 3) 4) A taxpayer exchanges an office building held as an investment asset for an office building to be used in her business. The exchange will qualify as like-kind. 4) 5) 5) If property is involuntarily converted into similar property and the taxpayer elects to defer the gain, the basis and holding period of the converted property carry over to the basis and holding period of the replacement property