During 2019, Cary and Bill incurred acquisition debt on their residence of $1,300,000. They also...
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Accounting
During 2019, Cary and Bill incurred acquisition debt on their residence of $1,300,000. They also borrowed $200,000 on a home equity line to pay college tuitions for their children. On a joint tax return, what is the amount of their qualified acquisition debt? a.$1,500,000
b.$750,000
c.$1,000,000
d.$1,300,000
e.None of these choices are correct.
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