Indicate the amount, if any, of deductible education expenses in each of the following cases. Comment briefly on your answer and state whether the deduction is deductible for or from adjusted gross income:
a. C is self-employed as a plumber, but is training to become a computer programmer. During the year, he paid $500 for tuition and books related to a college course in programming.
b. E is self-employed as a licensed nurse. During the year, she spent $300 on courses to become a registered nurse.
c. R paid a $1,000 fee to take the C. P.A. exam and $3,000 for a C. P.A. review course. R currently is employed by a public accounting firm. The firm reimbursed him for the course.

The treasurer for pittsburgh iron works wishes to use financial futures to hedge her interest rate exposure. she will sell five treasury futures contracts at $139,000 per contract. it is july and the contracts must be closed out in december of this year. long-term interest rates are currently 7.30 percent. if they increase to 9.50 percent, assume the value of the contracts will go down by 20 percent. also if interest rates do increase by 2.2 percent, assume the firm will have additional interest expense on its business loans and other commitments of $149,000. this expense, of course, will be separate from the futures contracts. a. what will be the profit or loss on the futures contract if interest rates increase to 9.50 percent by december when the contract is closed out