FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Miller owns a personal residence with a fair market value of $317,450 and an outstanding first mortgage of $253,960, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $15,873 to purchase new jet skis.
How much of this mortgage debt is treated as qualified residence indebtedness?
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