According to Sec. 121, individuals who sell or exchange their personal residence may exclude part or all of the gain if the house was owned and occupied as a principal residence for
A. at least five years of the ten-year period before the sale date.
B. at least five years immediately before the sale date.
C. at least one year of the three-year period before the sale date.
D. at least two years of the five-year period before the sale date.
Answer: D
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