Lionel is an unmarried law student at State University Law School, a qualified educational Institution. This year Lionel borrowed $34,500 from County Bank and paid interest of $2,070. 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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Subject: acounting 

Lionel is an unmarried law student at State University Law School, a qualified educational Institution. This year Lionel
borrowed $34,500 from County Bank and paid interest of $2,070. 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
Transcribed Image Text:Lionel is an unmarried law student at State University Law School, a qualified educational Institution. This year Lionel borrowed $34,500 from County Bank and paid interest of $2,070. 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
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