Which of the following statements is true?
A)A taxpayer's personal residence qualifies for a like-kind exchange.
B)A taxpayer who sells a personal residence may always exclude the realized gain from taxable income.
C)A one-time election is available to taxpayers 55 years of age or older which allows them to sell their personal residences and to exclude all of the realized gain.
D)None of the above are true.
E)All of the above are true.

Question

Quizplus · Accepted Answer

None of the statements are true. A personal residence does not qualify for a like-kind exchange, the exclusion of realized gain from the sale of a personal residence is subject to certain limitations and requirements, and there is no one-time election available for taxpayers 55 years of age or older to exclude all realized gain from the sale of their personal residence.

Which of the Following Statements Is True