What happens in the following circumstances if a wife, prior to

marriage, uses the exclusion on the sale of a residence and

subsequently (after marriage) sells a second residence within two

years?

a. The new husband sells a residence.

b. The new husband dies within two years and the wife sells the

residence.

Q454;

For an exchange to qualify as a nontaxable exchange, what criteria

must be present?

a. There must be an exchange.

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b. The property transferred and received must be real property held

for use in a trade or business or for investment.

c. The property exchanged must be like-kind.

d. All of these must be present.