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Exercise 10-6 (Algorithmic) (LO. 2) Miller owns a personal residence with a fair market value of $217,550 and an outstanding first mortgage of $174,040, which

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Exercise 10-6 (Algorithmic) (LO. 2) Miller owns a personal residence with a fair market value of $217,550 and an outstanding first mortgage of $174,040, which was entirely used to acquire the residence. This year Miller gets a home equity loan of $10,878 to purchase a new fishing boat. How much of this mortgage debt is treated as qualified residence indebtedness

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