Mr. and Mrs. Owens moved from San Francisco, California, to Richmond, Virginia, so that Mrs. Owens could accept employment with Mega Corporation. As part of her employment contract, Mrs. Owens received a $10,000 moving allowance. What is the effect of this $10,000 cash receipt on the couple's AGI assuming that:
a. Their deductible moving expenses totaled $8,000?
b. Their deductible moving expenses totaled $11,000?

Question

Quizplus · Accepted Answer

The Answer of Mr. and Mrs. Owens moved from San Francisco, California, to Richmond, Virginia, so that Mrs. Owens could accept employment with Mega Corporation. As part of her employment contract, Mrs. Owens received a $10,000 moving allowance. What is the effect of this $10,000 cash receipt on the couple's AGI assuming that:
a. Their deductible moving expenses totaled $8,000?
b. Their deductible moving expenses totaled $11,000?

Mr and Mrs