! 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 $31,500 from County Bank and paid interest of $1,890. 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. Answer is complete but not entirely correct. $ 83,244 X 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 $31,500 from County Bank and paid interest of $1,890. 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. Answer is complete but not entirely correct. $ 83,244 X Interest deduction
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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 $31,500 from County Bank
and paid interest of $1,890. 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.
Answer is complete but not entirely correct.
$ 83,244 X
Interest deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ddc0d11-139d-4179-848e-9946b62b5a81%2Fbaef173d-7935-4372-a97a-c911473fe789%2Fbvwmf8a_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 $31,500 from County Bank
and paid interest of $1,890. 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.
Answer is complete but not entirely correct.
$ 83,244 X
Interest deduction
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