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Carolyn 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.
Carolyn 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 2009, she enrolled in a weekend MBA program and incurred the following nonreimbursed expenses: $3,900 (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, Carolyn has a: A) deduction for and deduction from AGI of $0. B) deduction for AGI of $3,900 and deduction from AGI of $700. C) deduction for AGI of $4,000 and deduction from AGI of $600. D) deduction for AGI of $4,100 and deduction from AGI of $500. E) None of the above Please indicate your response and justify it. Thanks
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