After being downsized by his former employer in November 2016, Wayne moves from Minnesota to Alabama to

Question:

After being downsized by his former employer in November 2016, Wayne moves from Minnesota to Alabama to accept a new job. When filing his Federal income tax return for 2016, Wayne deducts the $14,000 in moving expenses he incurred (none of which were reimbursed by either his former or new employer). On June 6, 2017, Wayne’s employment terminates. What are the tax consequences
if the termination occurred because:
a. Wayne was killed by a drunk driver?
b. Wayne was downsized by the new employer?
c. Wayne was fired by the new employer because he assaulted a client?
d. Wayne quit because he inherited a large amount of money and decided he did not want to work anymore?

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If the time test 39 weeks in this case is not met the moving expense ded...View the full answer

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