10 is an unmarried
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lionel is an unmarried law student at State University Law School, a qualified educational institution. This
year Lionel borrowed $25,500 from County Bank and paid interest of $1,530 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:
Note: Leave no answer blank. Enter zero if applicable.
b. Lionel's AGI before deducting interest on higher-education loans is $79,000.
interest deduction
T](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0c2f06f3-f8d5-42b2-acce-ee8059842a4a%2F4a846cf9-726b-4024-bbf8-c52098ae203c%2Feh6gymb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This
year Lionel borrowed $25,500 from County Bank and paid interest of $1,530 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:
Note: Leave no answer blank. Enter zero if applicable.
b. Lionel's AGI before deducting interest on higher-education loans is $79,000.
interest deduction
T
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