Form 8880 Help Please

In doing my own taxes I am troubled about form 8880.
The instructions say that the deduction is to encourage low and middle income people to contribute to their retirement accounts. That's me. I
am 42 years old and work full time in a factory but I am also a full time student at the local university studying accounting. I'm almost done but for now am a full time student with 12 hours.
The deduction for me amounts to a credit of a little over $500 but it seems that I am excluded from taking it because I am a full-time student.
It seems rediculous to me that I would get an additional $500 refund if I had only 9 hours (part time) instead of 12 hours (full-time)
Can anyone explain this to me or is there no explanation?
Ken
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On Sat, 03 Feb 2007 11:22:22 -0600, fortsmithken
Like I said before I have been really troubled by this so I looked it up in the actual IRS code and found the following:
(c) Eligible individual For purposes of this section—
(1) In general The term “eligible individual” means any individual if such individual has attained the age of 18 as of the close of the taxable year.
(2) Dependents and full-time students not eligible The term “eligible individual” shall not include—
(A) any individual with respect to whom a deduction under section 151 is allowed to another taxpayer for a taxable year beginning in the calendar year in which such individual’s taxable year begins, and
(B) any individual who is a student (as defined in section 152 (f)(2)).
I think the keyword in the section is AND. I would love it if a CPA would respond to this to say if I am wrong or right in my interpretation of the code. I think a person is ineligible if they can be claimed by another person AND are a fulltime student.
I think if the code had said OR it would be a different story.
Please respond if you have an opinion on this. At this point I am pretty confident that I can take the deduction. In fact I had a tax service do my taxes for the last several years and may go back and file an ammemded return for the last couple years if it would have made a difference.
Am I wrong in this?
Ken

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