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 higher education expenses and interest on higher-education loans under the following circumstances: (Leave no answer blank. Enter zero if applicable.) Problem 6-31 Part-a (Algo) a. Lionel's AGI before deducting interest on higher-education loans is $50,000. Higher education expenses Interest deduction
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 higher education expenses and interest on higher-education loans under the following circumstances: (Leave no answer blank. Enter zero if applicable.) Problem 6-31 Part-a (Algo) a. Lionel's AGI before deducting interest on higher-education loans is $50,000. Higher education expenses Interest deduction
Chapter6: Business Expenses
Section: Chapter Questions
Problem 69P
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Transcribed Image Text: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 higher education expenses and interest on higher-education loans
under the following circumstances: (Leave no answer blank. Enter zero if applicable.)
Problem 6-31 Part-a (Algo)
a. Lionel's AGI before deducting interest on higher-education loans is $50,000.
Higher education expenses
Interest deduction
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT