Multiple Choice
Ted,who is single,owns a personal residence in the city.He also owns a condo near the ocean.He uses the condo as a vacation home.In March 2016,he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile.During 2016,he paid the following amounts of interest.
∙
On his personal residence
$15,500
∙
On the condo
6,200
∙
On the home equity loan
4,800
∙
On credit card obligations
1,700
What amount,if any,must Ted recognize as an AMT adjustment in 2016?
A) $0
B) $4,800
C) $6,200
D) $11,000
E) None of the above
Correct Answer:

Verified
Correct Answer:
Verified
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