Rachel is single and has a college degree in finance. She is employed as a loan officer at a bank; her yearly AGI approximates $50,000. During the year, she enrolled in a weekend MBA program and incurred the following nonreimbursed expenses: $4,100 (tuition), $300 (books), $200 (other school supplies), and $200 (transportation to and from campus). Disregarding the 2%-of-AGI limitation, as to the MBA program, Rachel has a:
A)Deduction for and deduction from AGI of $0.
B)Deduction for AGI of $4,000 and deduction from AGI of $800.
C)Deduction for AGI of $4,000 and deduction from AGI of $700.
D)Deduction for AGI of $4,100 and deduction from AGI of $700.
E)None of these.

Question

Quizplus · Accepted Answer

The Answer of Rachel is single and has a college degree in finance. She is employed as a loan officer at a bank; her yearly AGI approximates $50,000. During the year, she enrolled in a weekend MBA program and incurred the following nonreimbursed expenses: $4,100 (tuition), $300 (books), $200 (other school supplies), and $200 (transportation to and from campus). Disregarding the 2%-of-AGI limitation, as to the MBA program, Rachel has a:
A)Deduction for and deduction from AGI of $0.
B)Deduction for AGI of $4,000 and deduction from AGI of $800.
C)Deduction for AGI of $4,000 and deduction from AGI of $700.
D)Deduction for AGI of $4,100 and deduction from AGI of $700.
E)None of these.

Rachel Is Single and Has a College Degree in Finance