Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $29,500 from County Bank and paid interest of $1,770. 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.

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $29,500 from County Bank and paid interest of $1,770. 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.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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