In 20x4, Tom Depuis moved 2874 kilometers from Anytown, Province-1 to Newtown, Province-2 to assume the position
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Question:
In 20x4, Tom Depuis moved 2874 kilometers from Anytown, Province-1 to Newtown, Province-2 to assume the position of manager for his company at the Newtown head office. Tom began his new job on October 1st. He receives a salary of $5,100 per month at his new job and received $4,500 per month in his former position. Tom has provided you with the following information pertaining to his moving costs:
Tom received a reimbursement of $15,000 from his employer.
Required:
A. Calculate the maximum amount of moving expenses that Tom can deduct on his 20x4 tax return.
B. Will the moving expenses have any effect on Tom's 20x5 tax return?
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