Lloyd, a Practicing CPA, Pays Tuition to Attend Law School

question 76

True/False

Lloyd, a practicing CPA, pays tuition to attend law school.Since a law degree involves education leading to a new trade or business, the tuition is not deductible.

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Definitions:

Mitigate Loss

Actions taken to reduce the severity, seriousness, or painfulness of something, particularly in the context of financial losses.

Foreseeable Loss

A loss that a party ought reasonably to have seen coming as a possible outcome due to their actions or inactions.

Legal Tender

Currency that must be accepted if offered in payment of a debt by law.

Mechanic

A skilled worker responsible for repairing and maintaining machinery, vehicles, and other equipment.