Samantha, who is single and has MAGI of $48,600, recently was employed by an accounting firm. During the year, she spends $1,200 for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were $6,795 for tuition and $525 for books (which are not a requirement for enrollment in the course). Click here to access Exhibit 9.1. If an amount is zero, enter "0". a. Assuming no reimbursement, how much can Samantha deduct for the CPA exam review course? b. Assuming no reimbursement, how much can Samantha deduct for the Law school expenses?

Samantha, who is single and has MAGI of $48,600, recently was employed by an accounting firm. During the year, she spends $1,200 for a CPA exam review course and begins working on a law degree in night school. Her law school expenses were $6,795 for tuition and $525 for books (which are not a requirement for enrollment in the course). Click here to access Exhibit 9.1. If an amount is zero, enter "0". a. Assuming no reimbursement, how much can Samantha deduct for the CPA exam review course? b. Assuming no reimbursement, how much can Samantha deduct for the Law school expenses?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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