This Fall Manfred Enrolled in the Law School at State

question 52

Multiple Choice

This fall Manfred enrolled in the law school at State University (a qualified educational institution) and paid $6,200 in tuition. Until his enrollment Manfred worked as a stock broker and this year he reports $70,000 in wages. If Manfred files single and reports no other items of income or expense how much of the tuition can he deduct as a business expense?

• A) Manfred can deduct $6,200 as a miscellaneous itemized deduction.
• B) Manfred can deduct half of his tuition as a miscellaneous itemized deduction.
• C) Manfred can deduct half of his tuition for AGI.
• D) Manfred can deduct $6,200 for AGI.
• E) None - the tuition is not deductible as a business expense.

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Definitions:

Adapt

The process of adjusting or modifying oneself or one's actions in response to changes in the environment or conditions.

Circumstances

The external factors or conditions that surround and influence an event, situation, or decision-making process.

Setting Goals

The process of identifying something that one aims to achieve, often broken down into short-term or long-term objectives.

Capabilities

Refers to the abilities or qualities necessary to achieve a particular task or to perform a specific function.