During 2015, Manuel and Gloria Incurred Acquisition Debt on Their

Question 86
Multiple Choice

During 2015, Manuel and Gloria incurred acquisition debt on their new residence of $1,150,000. On their joint tax return, what is the amount of their qualified acquisition debt on which they can deduct interest? A) $900,000. B) $1,000,000. C) $1,050,000. D)$1,150,000.