Question
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $26,000 from County Bank and paid
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $26,000 from County Bank and paid interest of $1,560. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for interest on higher-education loans under the following circumstances: (Leave no answer blank. Enter zero if applicable.)
a. Lionel's AGI before deducting interest on higher-education loans is $50,000.
Interest deduction
b. Lionel's AGI before deducting interest on higher-education loans is $79,000.
Interest deduction
c. Lionel's AGI before deducting interest on higher-education loans is $90,000.
Interest deduction
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General Accounting Financial Accounting
Authors: Bbc Kikumbi Mwepu
1st Edition
6206329488, 978-6206329480
