Page:United States Statutes at Large Volume 83.djvu/605

 83 STAT. ]

PUBLIC LAW 91-172-DEC. 30, 1969

577

Subtitle D—Moving Expenses SEC. 231. MOVING EXPENSES. (a) DEDUCTION FOR MOVING EXPENSES.—Section 217 (relating to

moving expenses) is amended to read as follows: «SEC. 217. MOVING EXPENSES. "(a) DEDUCTION ALLOWED.—There shall be allowed as a deduction moving expenses paid or incurred during the taxable year in connection with the commencement of work by the taxpayer as an employee or as a self-employed individual at a new principal place of work. "(b) DEFINITION OF MOVING EXPENSES.—

"(1) IN GENERAL.—For purposes of this section, the term 'moving expenses' means only the reasonable expenses— " (A) of moving household goods and personal effects from the former residence to the new residence, " (B) of traveling (including meals and lodging) from the former residence to the new" place of residence, "(C) of traveling (including meals and lodging), after obtaining employment, from the former residence to the general location of the new principal place of work and return, for the principal purpose of searching for a new residence, " (D) of meals and lodging while occupying temporary quarters in the general location of the new principal place of work during any period of 30 consecutive days after obtaining employment, or " (E) constituting qualified residence sale, purchase, or lease expenses. "(2) QUALIFIED RESIDENCE SALE, ETC., EXPENSES.—For purposes of paragraph (1)(E), the term 'qualified residence sale, purchase, or lease expenses' means only reasonable expenses incident to— " (A) the sale or exchange by the taxpayer or his spouse of the taxpayer's former residence (not including expenses for work performed on such residence in order to assist in its sale) which (but for this subsection and subsection (e)) would be taken into account in determining the amount realized on the sale or exchange, " (B) the purchase by the taxpayer or his spouse of a new residence in the general location of the new principal place of work which (but for this subsection and subsection (e)) would be taken into account in determining— " (i) the adjusted basis of the new residence, or " (ii) the cost of a loan (but not including any amounts which represent payments or prepayments of interest), " (C) the settlement of an unexpired lease held by the taxpayer or his spouse on property used by the taxpayer as his former residence, or " (D) the acquisition of a lease by the taxpayer or his spouse on property used by the taxpayer as his new residence in the general location of the new principal place of work (not including amounts which are payments or prepayments of rent). "(3) LIMITATIONS.— " (A) DOLLAR LIMITS.—The aggregate amount allowable as

a deduction undar subsection (a) in connection with a commencement of work which is attributable to expenses described in subparagraph (C) or (D) of paragraph (1)

78 Stat. 5 1. 26 USC 217.

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