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Respondent determined a deficiency in petitioners’ Federal
income tax for 1998 of $4,315. The issues for decision are: (1)
Whether petitioners are entitled to a student loan interest
deduction, and (2) whether petitioners are subject to the
alternative minimum tax. At the time the petition was filed,
petitioners lived in Boyds, Maryland. Petitioners are husband
and wife.
Alcmene Haloftis (Ms. Haloftis) is a chemical engineer with
the U.S. Department of Labor, Office of General Industry
Compliance. She holds a bachelor of science degree in chemical
engineering from the University of Maryland, College Park, and a
master of science degree in environmental engineering from George
Washington University. At the time of trial, Ms. Haloftis had
worked for the Department of Labor for approximately 12 years,
including the year in issue. Mr. Haloftis, an electrical
engineer, worked for MA Bioservices, Inc., in Rockville,
Maryland, during the year in issue.
In 1998, petitioners paid $2,257.77 in student loan interest
to the Student Loan Marketing Association. The underlying
student loan was incurred for petitioners’ continued education.
The parties do not dispute the nature of this loan or the amount
of interest paid during 1998.
In their timely filed 1998 joint Federal income tax return,
petitioners claimed on their Schedule A, Itemized Deductions, a
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