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:

Sample Proportion

The quotient of the number of successful outcomes to the total number of observations in a sample, often used as an estimate of the population proportion.

Number of Fish Tanks

The count of containers used to hold fish, typically utilized for keeping aquatic pets or for breeding.

Sample Mean

The average value of a sample, which is a subset of a larger population, used to estimate the population mean.

Without Replacement

A sampling method where each selected unit is not returned to the population before the next unit is selected.