George Is a Full-Time Student at Indiana State University Majoring

George is a full-time student at Indiana State University majoring in accounting. He works 12 to 20 hours per week at a local CPA firm inputting data for spreadsheets to prepare monthly financial statements for the firm's clients. George's tuition, fees, books, and supplies related to his education are $3,000 for the current year.
I.The educational costs are deductible from AGI because they prepare him for a new trade or business.
II.The education costs are deductible because it is part of a program that will qualify George to become a CPA.
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A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.

Correct Answer:

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