True Or False? 1) In order for the gain on the sale of a personal residence to b

Question

True Or False?

1)In order for the gain on the sale of a personal residence to be excluded under section 121, a replacement resident must be purchased with two years

2) 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

3)In an involuntary conversion the basis of replacement property is its cost reduced by the gain deferred

4) For purpose of nontaxable exchanges, cash and non-like-kind property constitute boot

5) If an exchanges qualifies as a like kind exchange nonrecognition of gain or loss is elective

Explanation / Answer

1. False

2. True

3. True

4. True

5. False

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