Question
Which of the following statements is/are true? A. A taxpayer lived and used a property as a personal residence for one year before being re-located
Which of the following statements is/are true?
A. | A taxpayer lived and used a property as a personal residence for one year before being re-located by his employer. Such taxpayer may not exclude any gain from the sale of the residence because he did not own the home long enough to satisfy the ownership and use requirements. | |
B. | A taxpayer may exclude gain from the sale of a residence even if the same taxpayer excluded gain from the sale of another residence within two years preceding the date of the current home sale provided the taxpayer meets the ownership and use requirements of IRC 121.. | |
C. | Both A & B are true. | |
D. | Both A & B are false. |
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