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Mr. and Mrs. Adam moved from Chicago, IL to Detroit, MI so that Mrs. Adams could accept employment

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Mr. and Mrs. Adam moved from Chicago, IL to Detroit, MI so that Mrs. Adams could accept employment with Ultra

Corporation. As part of her employment contract, Mrs. Adams received a $10,000 moving allowance. What is the effect of this $10,000 cash receipt on the couple’s AGI assuming the following?

Their deductible moving expenses totaled     $8,000.

Their deductible moving expenses totaled     $11,000. (Points : 30)

 
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