Question

Which of the following are deductible pursuant to IRC § 162?

a. Education expenses related to meeting the minimum educational standards for the taxpayer's existing job
b. Education expenses related to qualifying for a new trade or business
c. Both a and b
d. Neither a nor b

Answer 1

According to IRC § 162, both education expenses related to meeting the minimum educational standards for the taxpayer's existing job and education expenses related to qualifying for a new trade or business are deductible.

Step-by-step explanation:

According to IRC § 162, both education expenses related to meeting the minimum educational standards for the taxpayer's existing job and education expenses related to qualifying for a new trade or business are deductible. This means that both options a and b are correct.