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 $28,500 from County Bank and paid interest of $1,710. 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
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 $28,500 from County Bank and paid interest of $1,710. 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
Chapter6: Business Expenses
Section: Chapter Questions
Problem 69P
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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 $28,500 from County Bank and paid interest of $1,710. 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%2F6a572e2b-87df-48ba-8757-10a895e74e30%2F0213caa8-70db-47e9-b5a8-f0a4ccd64ad7%2Fzxwetr_processed.png&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 $28,500 from County Bank and paid interest of $1,710. 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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