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Problem 6-31 (LO 6-1) (Algo)

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Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $26,500 from County Bank and paid interest of $1,590. 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?)

b. Lionel's AGI before deducting interest on higher-education loans is $79,000. (Higher Education expenses? Interest deduction?)

c. Lionel's AGI before deducting interest on higher-education loans is $90,000. (Higher eduction expenses? Interest Deduction?)