Lionel's AGI before deducting interest on higher-education loans is $50,000.
Chapter6: Business Expenses
Section: Chapter Questions
Problem 69P
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Question
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $35,500 from County Bank and paid interest of $2,130. 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.
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