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10.Which of the following interest expense amounts is not deductible in the current year?a.education loan interest of $2,000, assuming the taxpayer has income of $30,000b.home equity loan interest of $6,000, on a loan of $90,000, the proceeds of which were used to purchase a sports car and designer clothes.c.investment interest expense of $10,000, assuming the taxpayer has no investment incomed.qualified residence interest of $70,000 on a $1 million loan used to purchase a luxury apartment in downtown San Diego.27. Jose paid the following amounts for his son to attend Big State University in 2011:Tuition $6,000Room and board 5,000Books 500a car use to school 2,000student football tickets 200spending money 4,000**How much of the above is a qualified higher education expense for the purposes of his Qualified Tuition Program?
10.Which of the following interest expense amounts is not deductible in the current year?a. education loan interest of $2,000, assuming the taxpayer has income of $30,000b. home equity loan…
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