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No. 121 SECTION: TITLE: FIELD TRIPS/FOREIGN TRAVEL ADOPTED: April 28, 2004, REVISED: READING SCHOOL DISTRICT PROGRAMS April 26, 2006 121. FIELD TRIPS/FOREIGN TRAVEL 1. Purpose SC 1361 Field trips
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The no 121 section programs refer to programs that are mandated to be filed under section 121 of the Internal Revenue Code.
Taxpayers who have engaged in a sale of principal residence are required to file no 121 section programs.
No 121 section programs can be filled out by providing detailed information about the sale of the principal residence, including the date of sale, selling price, and any relevant exemptions or exclusions claimed.
The purpose of filing no 121 section programs is to report any gains from the sale of a principal residence and to claim any applicable exclusions from capital gains taxes.
The information that must be reported on no 121 section programs includes details about the sale of the residence, any capital gains realized, and any exclusions claimed.
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