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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 51
In May 2010, Maria graduated from the University of San Diego with a degree in accounting and moved to Denver to look for work. Shortly after arriving in Denver, she obtained work as a staff accountant in a local CPA firm. In her move to Denver, Maria incurred the following costs:
$450 in gasoline.
$250 for renting a truck from UPAYME rentals.
$100 for a tow trailer for her car.
$85 in food.
$35 in double lattes from Starbucks.
$300 for motel lodging on the way to Denver.
$350 for a previous plane trip to Denver to look for an apartment.
$175 in temporary storage costs for her collection of antique bassoons.
How much, if any, may Maria take as a moving expense deduction on her 2010 tax return? Is that deduction subject to any conditions that could change its deductibility in the future?
$450 in gasoline.
$250 for renting a truck from UPAYME rentals.
$100 for a tow trailer for her car.
$85 in food.
$35 in double lattes from Starbucks.
$300 for motel lodging on the way to Denver.
$350 for a previous plane trip to Denver to look for an apartment.
$175 in temporary storage costs for her collection of antique bassoons.
How much, if any, may Maria take as a moving expense deduction on her 2010 tax return? Is that deduction subject to any conditions that could change its deductibility in the future?
Explanation
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Income tax:
Every earner pays a tax on ...
Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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