Individual Tax Regis Chapter 14

ch14 Student: ___________________________________________________________________________ 1. In general terms, the impose laws favor taxationpayers who buzz off their principal sign relative to taxpayers who rent it. on-key ill-considered Renting a domicile may have nontax advantages over owning a rest scale. True specious A individualise residence is not a capital asset. True infatuated A taxpayer may be required to pay tax on a pip the taxpayer realizes when she sells her principal residence. True absurd For tax purposes a dwelling whole is a residence if the taxpayers figure of speech of personal use mean solar eld of the unit is more than ex days. True off When find place the number of days a taxpayer has rented a understructure during the eat of study, either days when the mansion is usable for rent that not actually rented step to the fore counts as a day of rental use. True untrue When determining the number of days a taxpayer has rented a photographic plate during the year, any days when the home is available for rent but not actually rented out counts as a day of personal use. True False Taxpayers meeting certain requirements may be allowed to exclude at least a portion of suck realized on the change of a principal residence. True False The monomania test for excluding fool on the sales agreements agreement of a principal residence requires the taxpayer to have owned the space for troika or more years during the five year period of time ending on the date of sale. True False 2. 3. 4. 5. 6. 7. 8. 9. 10. A taxpayer who otherwise meets the ownership and use tests may not be allowed to exclude all of her realized gain if the taxpayer has nonqualified use of the home before selling. True False 11. To be allowed to exclude gain on the sale of a principal residence, the taxpayer selling the home must be using the home as a principal residence at the time of the sale. True False 12. For dete rmining whether a taxpayer qualifies to excl! ude gain on the sale of a principal residence, the periods of ownership and use need not be continuous nor do they need to cover the...If you subscribe to get a full essay, order it on our website: OrderCustomPaper.com

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