Multiple Choice
Mr. Wang's corporate employer transferred him from its Seattle office to its San Jose office. Mr. Wang incurred $18,000 of moving expenses to relocate his household to San Jose. Which of the following statements is true?
A) If his employer paid him an $18,000 moving allowance, Mr. Wang must include $18,000 in gross income.
B) If his employer paid him a $12,000 moving allowance, Mr. Wang is allowed a $6,000 itemized deduction for moving expenses.
C) If his employer paid him a $12,000 moving allowance, Mr. Wang is allowed a $6,000 above-the line deduction.
D) Regardless of the amount of any moving allowance paid by his employer, Mr. Wang is allowed an $18,000 itemized deduction for unreimbursed moving expenses.
Correct Answer:
Verified
Correct Answer:
Verified
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