McGraw-Hill's Taxation of Individuals and Business Entities 2020 Edition
11th Edition
ISBN: 9781260432466
Author: SPILKER, Brian
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 6, Problem 29P
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. 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:
- a) Lionel’s AGI before deducting interest on higher-education loans is $50,000.
- b) Lionel’s AGI before deducting interest on higher-education loans is $79,000.
- c) Lionel’s AGI before deducting interest on higher-education loans is $90,000.
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Chapter 6 Solutions
McGraw-Hill's Taxation of Individuals and Business Entities 2020 Edition
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