Henry Graduated from the University of Maryland in 2012

question 25

Multiple Choice

Henry graduated from the University of Maryland in 2012.In 2014,to take advantage of lower interest rates,he refinanced his qualified education loans with another qualified student loan.He is not a dependent on another person's tax return.Before AGI limits,what is the maximum deduction available to him for the $3,200 he paid for educational student loan interest in 2014?

• A)$0.
• B)$2,000.
• C)$2,500.
• D)$3,000.

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Definitions:

Equitable Remedies

Judicial solutions provided by courts in situations where legal remedies or monetary compensation are insufficient to resolve a dispute, ensuring fairness and justice.

Limitations

Limitations refer to the restricted time period within which legal action must be initiated, as dictated by statutes of limitations.

Request

The act of politely or formally asking for something.

Promissory Estoppel

The principle that when a gratuitous promise to do something in the future causes a person who relies on that promise to incur an expense, the promisor will not be allowed to enforce other contractual rights that are inconsistent with that promise; the promise can only be used as a defense by the promisee; also known as equitable estoppel.