Which of the following expenditures are not deductible because they are personal in nature?
I.Premiums paid on liability insurance for the taxpayer.
II.Education costs that improves the taxpayer's skills in his/her trade or business.

A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Question

Which of the following expenditures are not deductible because they are personal in nature?
I.Premiums paid on liability insurance for the taxpayer.
II.Education costs that improves the taxpayer's skills in his/her trade or business.
​
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Quizplus · Accepted Answer

Premiums paid on liability insurance for the taxpayer are personal in nature and therefore not deductible.

Which of the Following Expenditures Are Not Deductible Because They