Question
Which of the following statements is false? A. The provisions of IRC 121 for sale of personal residences are mandatory unless a specific election is
Which of the following statements is false?
| A. | The provisions of IRC 121 for sale of personal residences are mandatory unless a specific election is made not to have IRC 121 apply. |
| B. | A taxpayer can make an election to report and pay tax on the sale of a residence if the taxpayer so chooses. |
| C. | A married couplemust file a joint tax return to exclude $500,000 of gain on the sale of their personal residence. |
| D. | All of the above are true. |
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Managerial Accounting
Authors: John J Wild, Ken W. Shaw, Barbara Chiappetta
7th edition
1260482936, 978-1260482935
