Lewis Is an Unmarried Law Student at State University,a Qualified

question 109

Multiple Choice

Lewis is an unmarried law student at State University,a qualified educational institution.Last year Lewis borrowed $30,000 and used the proceeds to pay his university tuition.This year Lewis paid $1,500 of interest on the loan.Which of the following is a true statement if Lewis reports $40,000 of salary and no other items of income or expense?

• A)Lewis can deduct all the interest on his student loan for AGI.
• B)Lewis can deduct all the interest on his student loan as an itemized deduction.
• C)Lewis can only deduct $1,000 of the interest on his student loan for AGI.
• D)Lewis can only deduct $1,000 of the interest on his student loan as an itemized deduction.
• E)All of the choices are false.

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Definitions:

Social-cognitive

Pertaining to the understanding of social interactions and the processing of social information through learning, observation, and cognition.

Cognitive Ability

The capacity to perform higher mental processes of reasoning, remembering, understanding, and problem solving.

Continuous Change

A process where variables or conditions evolve over time without abrupt interruptions.

Discontinuous Change

Abrupt, non-linear transformations in development or processes that can significantly alter conditions or outcomes.