10.Which of the following interest expense amounts is not deductible in the current year?

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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