Question
Lionel is an unmarried law student at State University LawSchool, a qualified educational institution. This year Lionelborrowed $32,500 from County Bank and paid interest of
Lionel is an unmarried law student at State University LawSchool, a qualified educational institution. This year Lionelborrowed $32,500 from County Bank and paid interest of $1,950.Lionel used the loan proceeds to pay his law school tuition.Calculate the amounts Lionel can deduct for interest onhigher-education loans under the following circumstances: (Leave noanswer blank. Enter zero if applicable.)
a. Lionel's AGI before deducting interest on higher-education is$50,000. Calculate deductible interest expense...
b. Lionel's AGI before deducting interest on higher-educationloans is $79,000. Calculate deductible interest expense...
c. Lionel's AGI before deducting interest on higher-educationloans is $90,000. Calculate deductive interest expense...
Lionel is an unmarried law student at State University LawSchool, a qualified educational institution. This year Lionelborrowed $32,500 from County Bank and paid interest of $1,950.Lionel used the loan proceeds to pay his law school tuition.Calculate the amounts Lionel can deduct for interest onhigher-education loans under the following circumstances: (Leave noanswer blank. Enter zero if applicable.)
a. Lionel's AGI before deducting interest on higher-education is$50,000. Calculate deductible interest expense...
b. Lionel's AGI before deducting interest on higher-educationloans is $79,000. Calculate deductible interest expense...
c. Lionel's AGI before deducting interest on higher-educationloans is $90,000. Calculate deductive interest expense...
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