Research Memo.docx - Date 2 October 2019 Preparer Anthony Martinez Reviewer Professor Monks Subject Deductibility of the Cost of CPA Exam Review Course

Research Memo.docx - Date 2 October 2019 Preparer Anthony...

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Date: 2 October 2019 Preparer: Anthony Martinez Reviewer: Professor Monks Subject: Deductibility of the Cost of CPA Exam Review Course Facts: Benjamin, a self-employed bookkeeper, takes a CPA review course ($1,500 cost) to help prepare for CPA exam. Benjamin wants to know if he may deduct the cost of the CPA exam course. Issue: Can Benjamin deduct the cost of the CPA exam course? Authorities: Internal Revenue Code § 109 Improvements by lessee on lessor's property Internal Revenue Code § 1019 Property on which lessee has made improvements Reg § 1.109-1. Exclusion from gross income of lessor of real property of value of improvements erected by lessee M. E. Blatt Co. V United States, 21 AFTR 1007 (59 S.Ct. 186), (S Ct), 12/05/1938 Conclusion: Based on the analysis above it is clear that deducting the cost of the CPA Exam Review course on one’s federal income tax return is not acceptable. Analysis: Reg. Sec. 1.162-5(a) states expenditures made by an individual for education are
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