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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ff.91.

 

 

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: Note: Leave no answer blank.
Enter zero if applicable. b. Lionel's AGI before deducting
interest on higher-education loans is $79,000.
Transcribed Image Text: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: Note: 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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