Question: Exercise 10-19 (Algorithmic) (LO. 5) Miller owns a personal residence with a fair market value of $340,400 and an outstanding first mortgage of $272,320, which

Exercise 10-19 (Algorithmic) (LO. 5) Miller owns a personal residence with a fair market value of $340,400 and an outstanding first mortgage of $272,320, which was used entirely to acquire the residence. This year, Miller gets a home equity loan of $17,020 to purchase new jet skis. How much of this mortgage debt is treated as qualified residence indebtedness

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