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Accounting

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Required information
[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 highereducation 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
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