subject
Business, 26.11.2021 21:10 aesthvx44

On February 1, 2019, Stephen (who is single) sold his principal residence (home 1) at a $100,000 gain. He was able to exclude the entire gain on his 2019 tax return. Stephen purchased and moved into home 2 on the same day. Assuming Stephen lives in home 2 as his principal residence until he sells it, which of the following statements is true? A. Under no circumstance will Stephen be allowed to exclude gain on home 2 if he sells home 2 in 2020.
B. Stephen will be eligible to exclude gain on home 2 only if he waits until 2024 to sell it.
C. In certain circumstances, Stephen may be able to exclude gain on home 2 even if he sells home 2 in 2019.
D. None of the choices are correct.

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 17:50
When borrowers want funding to pay for different projects, they go to the loanable funds market and acquire funds through either indirect finance or direct finance. below, you are given five different scenarios. is each an example of direct finance or indirect finance?
Answers: 2
question
Business, 21.06.2019 19:40
Which of the following actions is most likely to result in a decrease in the money supply? a. the required reserve ratio for banks is decreased. b. the discount rate on overnight loans is lowered. c. the federal reserve bank buys treasury bonds. d. the government sells a new batch of treasury bonds. 2b2t
Answers: 1
question
Business, 22.06.2019 10:10
An investment offers a total return of 18 percent over the coming year. janice yellen thinks the total real return on this investment will be only 14 percent. what does janice believe the inflation rate will be over the next year?
Answers: 3
question
Business, 22.06.2019 21:50
Q3. loral corporation manufactures parts for an aircraft company. it uses a computerized numerical controlled (cnc) machining center to produce a specific part that has a design (nominal) target of 1.275 inches with tolerances of ± 0.020 inch. the cnc process that manufactures these parts has a mean of 1.285 inches and a standard deviation of 0.005 inch. compute the process capability ratio and process capability index, and comment on the overall capability of the process to meet the design specifications.
Answers: 1
You know the right answer?
On February 1, 2019, Stephen (who is single) sold his principal residence (home 1) at a $100,000 gai...
Questions
question
Physics, 24.03.2021 15:30
question
Arts, 24.03.2021 15:30
question
Mathematics, 24.03.2021 15:30
Questions on the website: 13722359