[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 $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: Note: Leave no answer blank. Enter zero if applicable. a. Lionel's AGI before deducting interest on higher-education loans is $50,000. Interest deduction b. Lionel's AGI before deducting interest on higher-education loans is $84,000. Interest deduction c. Lionel's AGI before deducting interest on higher-education loans is $95,000. Interest deduction

[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 $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: Note: Leave no answer blank. Enter zero if applicable. a. Lionel's AGI before deducting interest on higher-education loans is $50,000. Interest deduction b. Lionel's AGI before deducting interest on higher-education loans is $84,000. Interest deduction c. Lionel's AGI before deducting interest on higher-education loans is $95,000. Interest deduction

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 69P

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