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The information needed to determine whether the taxpayer is allowed to exclude the gain on...

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Accounting

The information needed to determine whether the taxpayer is allowed to exclude the gain on the sale of the home is if there were unexpected situations for moving. Those unforeseen circumstances may be due to medical reasons, a change of employment, or other surprising reasons due to the taxpayer only living in the house for a year. To meet the Section 121 exclusion test, a taxpayer must fulfill both the use and ownership tests.

PLEASE RESPOND TO THIS IN A DISCUSSION LIKE MANNER ON WHY YOU FOUND IT INFORMATIVE

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