Lloyd, a practicing CPA, pays tuition to attend law school.Since a law degree involves education leading to a new trade or business, the tuition is not deductible.

Question

Quizplus · Accepted Answer

The tuition paid by Lloyd to attend law school may be deductible as a business expense if it is related to his current trade or business as a practicing CPA. However, if the law degree is to help Lloyd in a new trade or business, the tuition is not deductible.

Lloyd, a Practicing CPA, Pays Tuition to Attend Law School