Ms. Chiu moved from Toronto to Vancouver to start a new job. She earned $40,000 from her Toronto job and $50,000 from her Vancouver job in the year of the move. Ms. Chiu incurred the following costs of moving all of which can be substantiated by receipts: Moving van to transport household effects ......... Travelling costs-self, spouse and two children Legal fees - Purchase of Vancouver house ....... Legal fees - Sale of Toronto house Loss on sale of Toronto house ........ Costs while waiting for Vancouver house - Hotel (20 days X $100) Meals (20 days X $45). House hunting trip (prior to Vancouver move)..... $5,000 3,000 900 1,100 25,000 2,000 Travelling costs consist of three meals a day for four persons over five full days, gas and other car costs, and hotel for five nights at $100 per night. The distance moved between Toronto and Vancouver was 4,430 kilometres. Select one: 900 800 Which one of the following amounts represents the maximum amount that Ms. Chiu can deduct as moving expenses on her personal income tax return for the year of the move? A. $12,560 B. $15,672 C. $15,860 D. $16,172

Ms. Chiu moved from Toronto to Vancouver to start a new job. She earned $40,000 from her Toronto job and $50,000 from her Vancouver job in the year of the move. Ms. Chiu incurred the following costs of moving all of which can be substantiated by receipts: Moving van to transport household effects ......... Travelling costs-self, spouse and two children Legal fees - Purchase of Vancouver house ....... Legal fees - Sale of Toronto house Loss on sale of Toronto house ........ Costs while waiting for Vancouver house - Hotel (20 days X $100) Meals (20 days X $45). House hunting trip (prior to Vancouver move)..... $5,000 3,000 900 1,100 25,000 2,000 Travelling costs consist of three meals a day for four persons over five full days, gas and other car costs, and hotel for five nights at $100 per night. The distance moved between Toronto and Vancouver was 4,430 kilometres. Select one: 900 800 Which one of the following amounts represents the maximum amount that Ms. Chiu can deduct as moving expenses on her personal income tax return for the year of the move? A. $12,560 B. $15,672 C. $15,860 D. $16,172

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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