Does moving to Asia generate deductable expenses?
I finally got around to watching my recording of the first debate for President last fall, and I have a question.
Mr. Obama said that there was a deduction for moving a business overseas, and Mr. Romney said he'd never heard of that and he wanted to know about it to tell his accountants.
I've always thought that if you move your plant or your business office from Detroit to Portland, there are loads of deductiable expenses, including just about everything one does to create the office or plant in Portland, and everyone one must do to remove the operation from Detroit, plus all the required transportation costs to get the files and file cabinets to Portland, plus any relocation fees you pay to your current employees, whether you're doing that just to be nice or to keep them from quitting.
So what if you move from Detroit to Xiao Shao Pao? Arent' t he same things deductable? Is there any difference between moving to another state and movilng to another country? Or, even if not all the same things are deductable, isn't plenty of it deductable, and isn't that what Mr. Obama was referring to (even if he didn't explain it after Mr. Romney gave his possibly disingenuous to say the least reply.)