Question
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $28,500 from County Bank and paid
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $28,500 from County Bank and paid interest of $1,710. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for higher education expenses and interest on higher-education loans under the following circumstances: (Leave no answer blank. Enter zero if applicable.)
Problem 6-31 Part-a (Algo)
a. Lionel's AGI before deducting interest on higher-education loans is $50,000.
Higher Education Expenses ? _______
Interest Deduction? _______
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