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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Definitions:

Nerve

A bundle of nerve fibers (axons and sometimes dendrites) in the peripheral nervous system.

Cranial Nerves

Twelve pairs of nerves that emerge directly from the brain, not the spinal cord, and control many functions including eye movement, facial sensations, and taste.

Pairs

Two items, individuals, or elements grouped together.

Neurogenesis

The process of generating new neurons in the brain, which can occur in certain brain regions throughout life.