Choose the Correct Answer

question 52

Multiple Choice

Choose the correct answer.

• A)Education expenses are deductible on Schedule C even if the education qualifies the taxpayer for a new trade or business.
• B)Expenses required for education to maintain skills for the taxpayer's current business are not deductible.
• C)The cost of a CPA review course is deductible by a bookkeeper on his Schedule C.
• D)Expenses for travel as a form of education are not deductible.

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Definitions:

Real Property

Land and anything permanently attached to it, such as buildings and trees, considered a form of real estate.

Attachment Process

A legal procedure used by a creditor to seize the property of a debtor in order to satisfy a judgment.

Creditor

An individual or organization that lends money or extends credit to another party, expecting repayment in the future.

Prejudgment Remedy

A legal mechanism that allows a plaintiff to secure assets or interests of the defendant before the final judgment in a lawsuit, to ensure satisfaction of any potential award.