Question
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $28,000 from County Bank and paid
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $28,000 from County Bank and paid interest of $1,680. 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:
Lionel's AGI before deducting interest on higher-education loans is $84,000.
What is Lionel's interest deduction?
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Cost And Management Accounting An Introduction
Authors: Colin Drury
7th Edition
1408032139, 978-1408032138
