Which of the following statements with respect to the tax rules for principal residences is correct?

Select one:

A.

If an individual owns only one real property, it is not necessary to file the Form T2091, Designation Of A Property As A Principal Residence By An Individual, in order to claim the principal residence exemption.

B.

If an individual sells a principal residence and buys another principal residence in a single year, he will not be able to completely eliminate any gain on the disposition of the second residence by using the principal residence exemption.

C.

If an individual and his spouse can each own real property in which they reside for a part of the year, they each can claim the principal residence exemption for that year on the property that they own.

D.

If a farmer's principal residence is on a farm, any capital gain on the disposition of the farm will be exempt.