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)a and

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Definitions:

Operating Departments

Operating departments refer to the divisions within a company directly involved in its core business activities and operations.

Maintenance Expenses

Costs incurred to keep property, equipment, or assets in efficient operating condition, not improving but merely maintaining them.

Square Footage

A unit of area measurement equal to a square that is one foot on each side, commonly used to measure the size of an area such as real estate or interior spaces.

Administration Expenses

Expenses that relate to the overall management and operations of a business, such as salaries of executive personnel, legal and professional fees.