Question
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. 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.) b. Lionel's AGI before deducting interest on higher-education loans is $79,000.
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Financial Accounting
Authors: Jill Collis
1st Edition
1137335882, 978-1137335883
