In 2010 Through 2013,Shannon Borrowed a Total of $35,000 for Higher

question 85

Multiple Choice

In 2010 through 2013,Shannon borrowed a total of $35,000 for higher education expenses on qualified education loans while supporting herself with a full-time job.In 2014,she had modified adjusted gross income of $50,000.The first year interest on the loan was $850.The amount that Shannon can claim on her tax return is:

• A)$ 0.
• B)$425.
• C)$640.
• D)$850.

---

Definitions:

Raw Material Price

The cost of basic materials before being processed or used in manufacturing.

Net Operating Income

Earnings derived from a company's everyday business operations, excluding taxes and other non-operational expenses.

Standard Cost

A predetermined cost of manufacturing, administering, or marketing a product under normal conditions.

Selling and Administrative Expenses

The sum of all direct and indirect selling expenses and all general and administrative expenses of a company.