In 2015 Chara incurred a loan to pay for qualified higher education expenses for her 20-year-old granddaughter, who was a dependent. In 2019 her granddaughter graduated from college, moved away to start a new job, and ceased to be a dependent on Chara’s tax return. Chara started making payments on the loan in 2019. Without regard to any modified AGI limitations, is Chara permitted to deduct interest on the loan?

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.