Miller owns a personal residence with a fair market value of $337,700 and an outstanding...
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Accounting
Miller owns a personal residence with a fair market value of $337,700 and an outstanding first mortgage of 270,160, which was entirely used to acquire the residence. This year Miller gets a home equity loan of $16,885 to purchase new jet skis.
How much of this mortgage debt is treated as qualified residence indebtedness? $
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