At a particular point in time, a taxpayer can have two principal residences for § 121 exclusion purposes.
Answer the following statement true (T) or false (F)
False
Rationale: At a particular point in time, a taxpayer can have only one principal residence for § 121 exclusion purposes. Whether property is the taxpayer's principal residence depends upon all of the facts and circumstances in each case. If a taxpayer has two residences, the principal residence is the one he or she lives in most of the time.
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Wave Fashions uses standard costs for its manufacturing division. The allocation base for overhead costs is direct labor hours. From the following data, calculate the total fixed overhead variance.
A) $13,000 U
B) $13,000 F
C) $13,500 U
D) $13,500 F
When the actual price per unit of direct materials used exceeds the standard price per unit, the company has an unfavorable direct materials price variance.
Answer the following statement true (T) or false (F)
In the context of the responses of firms to new competitive realities, identify a true statement about downsizing.
A. It is only used as the last resort by organizations coping with severe financial constraints. B. It is a popular practice because its direct and indirect costs are often very low. C. It is utilized only by firms in advanced economies, as developing nations forbid this practice. D. It is necessary when an organization is overstaffed or if a business no longer fits into a firm's long-term strategy.
To share in the government market, it is advantageous to be on the list of approved suppliers.
Answer the following statement true (T) or false (F)