True or false question :. 1)if a principal residence is sold before satisfying t

Question

True or false question :.

1)if a principal residence is sold before satisfying the ownership and use tests part of the gain may be excluded if the sale is due to a change in employment , health or unforeseen circumstances

2)if an exchange qualifies as a like -kind exchange, nonrecognition of gain or loss is elective.

3) for the purpose of nontaxable exchanges, cash and non-like -kind property constitute boot.

4) if an involuntary conversion, the basis of replacement property is its cost reduced by the gain deffered.

5) in order for the gain on the sale of a personal residence to be excluded under section 121, a replacement residence must be purchased within two years.

Explanation / Answer

1. true

2. false

3. true

4.true

5.false.

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