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Yuri [45]
3 years ago
6

An individual taxpayer is selling her principal residence, which she has owned for ten years and lived in for nine years. What s

ection and subsection of the Internal Revenue Code states the amount of gain the taxpayer can exclude from gross income from the sale of her principal residence
Business
1 answer:
avanturin [10]3 years ago
7 0

Answer:

Section 121 exclusion

Explanation:

In simple words, IRC section 121 requires a person to deduct up to $250,000 ($500,000 for dual filers) of profit from the selling (or exchange) of land that was purchased and utilized as a primary home for at minimum two of that five years preceding the sale. Thus, from the above explanation we can conclude that the correct answer is section 121 exclusion.

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Explanation:

With the climate condition in the off shore oil drilling platform, it won't rake long for the fabricated steels to collapse and cause the loses of multiple lives and properties.

As an expert I will suggest we deconstruct the steels and use Austenitic stainless steel, because of its corrosion resistance.

We might as well sensitised the steels before use. Because the sensitisation occurs in the region that has seen temperature close to 600 and 900°C.

My possible solution to overcome this defect stated by the quality control and as a result spend less, is that we undergo a HEAT SOLUTION TREATMENT at a 1070°C followed by a water quench to help retain the carbides solution on a rapid cooling in those defective still, and also make it resistance to the climate condition of the area and also commence the project.

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Nicole heard that as a general rule, she should spend no more than one week's pay on rent. If Nicole's pay is $32000 per year, w
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3 years ago
If equilibrium is achieved in a competitive market the deadweight loss will equal the sum of consumer surplus and producer surpl
marysya [2.9K]

Answer:

there is no deadweight loss.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Generally, a perfectly competitive market is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market.

Hence, if equilibrium is achieved in a competitive market then, there is no deadweight loss i.e a loss of economic efficiency due to a lack of balance in competing economical influences for goods or services.

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