Business, 17.04.2020 23:06 kanamek

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $32,000 from County Bank and paid interest of $1,920. 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: (Leave no answer blank. Enter zero if applicable.)
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 $74,000
C) Lionel's AGI before deducting interest on higher education loans is $90,000

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