In Which of the Following Situations May the Taxpayer Take

question 102

Multiple Choice

In which of the following situations may the taxpayer take an education expense on Schedule C?

• A)John, a plumber by trade, is taking classes to qualify as an electrician so he may take on more complex contractor jobs.
• B)Henry, a self-employed administrative assistant, is taking an advanced Word computer program class through an adult school program.
• C)Barbie is flying on numerous commercial airplanes in order to observe the flight attendants so that she may improve her public relations skills.
• D)Ann Marie is taking a review course in order to pass the certified financial planner examination.

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Definitions:

Four-Figure Accuracy

A measurement precision indicating that a value is accurate to the nearest thousand, often important in geographical locations or scientific measurements.

Simple Interest

Interest calculated merely on the primary sum, or on the part of the primary sum that remains unsettled.

Nearest Cent

Rounding an amount to the closest cent, often used in financial transactions to ensure accuracy.

One Decimal Place

A numerical value rounded to a single digit following the decimal point.