Felix and Ismael were college roommates. Five years after they graduate, Ismael is a tax manager in a large public accounting firm, and Felix is still in his first job as an engineer for a construction company. Felix is not sure whether he wants to stay in engineering or change careers. Either way, he knows he will need to take some courses at the local university. While reading the Sunday paper, Felix notices an ad for the university: “Enroll now: The cost of post-baccalaureate courses is tax-deductible!’’The small print advises, ‘‘Consult your tax adviser about the deductibility of each course.”
Felix calls Ismael the next day. After he explains that he may pursue a new career, Ismael explains to Felix under what circumstances education expenses are deductible. If you were Ismael, what would you have said to Felix?