Assuming the taxpayer owned and lived full-time in the property in which he claimed a home office deduction for the past five years, which of the

Assuming the taxpayer owned and lived full-time in the property in which he claimed a home office deduction for the past five years, which of the following statements is correct regarding the exlusion of gain upon sale under IRC §121?
A.The taxpayer may not exclude any gain on the sale of the residence because using the home as an office transforms the property from personal use to a bona-fide business use. Gains on business use property are fully taxable.
B.The taxpayer may exclude the gain on the sale of the residence but must recapture all home office deductions as income in the year of sale.
C.The taxpayer must allocate the gain that is excludable from the gain that is taxable based upon the square footage of the office as a percentage of the square footage of the entire property.
D.The taxpayer must recapture as income all depreciation allowable on the property for the previous five years the home office deduction was taken. The rest of the gain on the home is tax-free up to the statutory dollar limitations of $250000 for single & $500000 for married taxpayers.
E.None of the above is correct.







Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10