This Year Riley Files Single and Reports AGI of $71,000

question 63

Multiple Choice

This year Riley files single and reports AGI of $71,000. Riley paid $1,200 of interest on a qualified education loan. What amounts can Riley deduct for qualifying education interest?

• A) The deduction for qualifying education interest is $1,200.
• B) The deduction for qualifying education interest is $1,000.
• C) The deduction for qualifying education interest is $720.
• D) The deduction for qualifying education interest is $200.
• E) None of these.

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Definitions:

Legal Right

An entitlement or privilege that is protected and enforced by a legal system.

Personal Property

Property that is movable; any property that is not real property; sometimes called personalty or chattel.

Economically Injurious Falsehood

A false statement made about a business or product that causes financial harm, also known as trade libel.

Disparagement of Property

Making false and damaging statements about someone's property or business practices, which may result in financial loss.