Which of the following is true of the exclusion of gain under 121 (sale of principal residence)?

Question 5 options:

A	The taxpayer (or spouse) must be 55 years of age or older on the date of sale of the principal residence in order to apply the exclusion.
B	The residence must have been used as a principal residence by the owner/ taxpayer (or spouse) for at least two years within the five-year period ending on the date of sale.
C	The exclusion is elective but may not be revoked.
D	The exclusion may be used only once by a taxpayer