Question
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $25,500 from County Bank and paid
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $25,500 from County Bank and paid interest of $1,530. 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.
b. Lionel's AGI before deducting interest on higher-education loans is $79,000.
c. Lionel's AGI before deducting interest on higher-education loans is $90,000.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
