Question: Paul Preppie is an accountant for the Very Big VB
Paul Preppie is an accountant for the Very Big (VB) Corporation of America, located in Los Angeles. When Paul went to work for VB, he did not have a college degree. VB required that Paul earn a B. S. degree in accounting, so he enrolled in a local private university’s night school and obtained the degree. VB Corporation does not reimburse employees for attending night school, and because Paul attended a private university, the tuition and other costs were relatively expensive. Under California law, once Paul has his degree, he is eligible to sit for the CPA exam and can become a CPA in California. Can Paul deduct any of the $ 10,500 he paid in tuition and other costs during the current tax year? Prepare (in good form) a research memorandum to the file.
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