In Order to Meet the Time Test for Qualifying Moving

question 30

Multiple Choice

In order to meet the time test for qualifying moving expenses,a taxpayer must:

• A)Be a full-time employee for a period of 39 weeks during the 12 months following arrival in the new area.
• B)Be a self-employed individual for at least 78 weeks during the 24 months immediately following arrival in the new area.At least 39 of the 78 weeks must be during the first 12-month period.
• C)Remain employed only in the initial new job for the entire 39 or 78 week period.
• D)Be a full-time employee for a period of 39 weeks during the 12 months following arrival in the new area or be a self-employed individual for at least 78 weeks during the 24 months immediately following arrival in the new area.At least 39 of the 78 weeks must be during the first 12-month period.

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Definitions:

World Price

The price of a good that prevails in the world market for that good.

Oil Field

A region with an abundance of oil wells extracting petroleum (crude oil) from below ground.

Capital Income

Income generated from the investment of capital, such as dividends from stocks, interest on loans, or rental income from property.

Output Price

The price at which a product or service is sold, reflecting the market value of the output.