[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

Please answer all parts! William and Annette Johnson (both age 45) are married taxpayers who file a joint return. They have a son, Sean, age 7. During the tax year, they had the following receipts: 1 Salary ($75,000 for William, $62,000 for Annette) $137,000 2. Interest Income ·       City of Normal school bonds       $1,000 ·       Ford Motor Company bonds         1,200 ·       PNC Bank certificate of deposit       600               2,800 3. Annual gift from parents       26,000 4. Lottery winnings                                                                     1,000 5. Short-term capital loss (from stock investment)      ( 5,000) 6. Federal income tax refund from last year return        2,400 7. Child support from Annette's ex-husband        8,000 8. State income tax refund from the prior year (they used standard deduction in the prior year)           700     They also have the following facts related to their…

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Paul agreed to lend Marsha $500. Thereupon Marsha made and delivered her note for $500 payable to Paul or order “ten days after my marriage.” Shortly thereafter Marsha was married. Is the instrument negotiable? Explain.