Identify one major exclusion AND one tax credit. Find the relevant Internal Revenue Code Section that provides for the exclusion/credit using Thomas or Cornell law. Copy and paste the first paragraph, including the Code Section, into your post. Submit a separate post for each item (exclusion and credit). Answer this question for each:

Did Congress enact this exclusion or credit for a social or economic purpose? Or both?.

Answer rating: 100% (QA)

One major exclusion Exclusion of gain from sale of principal residence 26 US Code 121 a Exclusion Gross income shall not include gain from the sale or ... View the full answer