George Is a Full-Time Student at Indiana State University Majoring

question 118

Multiple Choice

George is a full-time student at Indiana State University majoring in accounting. He works 12 to 20 hours per week at a local CPA firm inputting data for spreadsheets to prepare monthly financial statements for the firm's clients. George's tuition, fees, books, and supplies related to his education are $3,000 for the current year.
I.The educational costs are deductible from AGI because they prepare him for a new trade or business.
II.The education costs are deductible because it is part of a program that will qualify George to become a CPA.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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