During the Current Year,Carl and Jill Incurred Acquisition Debt on Their

Multiple Choice

During the current year,Carl and Jill incurred acquisition debt on their residence of $1,250,000.They also took out a home equity loan for $175,000.On a joint tax return,what is the amount of their qualified acquisition debt and qualified home equity debt,respectively?

A) $900,000 and $100,000
B) $1,000,000 and $0
C) $1,000,000 and $100,000
D) $1,250,000 and $175,000
E) $1,000,000 and $175,000