● ● ● ● ● ● ● On September 1st, 2018, Mr. Payton moves from Sudbury to Ottawa (Ottawa is 484 kilometers from Sudbury) for a new job. ● He lived in a rented apartment in Sudbury and purchased a house in Ottawa. The total cost of the actual move, including the costs of moving his personal possessions, was $16,500. He paid $500 to the cleaners to clean the rented home and hand it over to the landlord as per his tenancy contract. He spent $750 on a house hunting trip to Ottawa, but he did not decide on a house until his return to Sudbury. He also incurred a $2,000 penalty for breaking his lease in Sudbury. I He also incurred $150 of mail forwarding cost to his new address. He also paid $200 expenses for various utilities connections at his new address in Ottawa. During the year, his salary totaled $60,000, of which $45,000 was earned in Sudbury and the remaining $15,000 was earned in Ottawa. As Payton is hired at a junior level, his new employer is not reimbursing any of the moving expenses. Required: Determine Mr. Payton's maximum moving expense deduction for 2018, as well as any carry forward available in the assignment excel spreadsheet.

● ● ● ● ● ● ● On September 1st, 2018, Mr. Payton moves from Sudbury to Ottawa (Ottawa is 484 kilometers from Sudbury) for a new job. ● He lived in a rented apartment in Sudbury and purchased a house in Ottawa. The total cost of the actual move, including the costs of moving his personal possessions, was $16,500. He paid $500 to the cleaners to clean the rented home and hand it over to the landlord as per his tenancy contract. He spent $750 on a house hunting trip to Ottawa, but he did not decide on a house until his return to Sudbury. He also incurred a $2,000 penalty for breaking his lease in Sudbury. I He also incurred $150 of mail forwarding cost to his new address. He also paid $200 expenses for various utilities connections at his new address in Ottawa. During the year, his salary totaled $60,000, of which $45,000 was earned in Sudbury and the remaining $15,000 was earned in Ottawa. As Payton is hired at a junior level, his new employer is not reimbursing any of the moving expenses. Required: Determine Mr. Payton's maximum moving expense deduction for 2018, as well as any carry forward available in the assignment excel spreadsheet.

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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