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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:c. Lionel's AGI before deducting interest on higher-education loans is $90,000.
Interest deduction
![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 $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.
b. Lionel's AGI before deducting interest on higher-education loans is $84,000.
Interest deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a57bb2c-bf86-435f-85fe-a6b5316b0ff9%2F6046de6e-13e9-4ae8-9d68-058afa2b46d3%2Frjp1l0n_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 $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.
b. Lionel's AGI before deducting interest on higher-education loans is $84,000.
Interest deduction
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