During 2017, Manuel and Gloria, who are not married and live in Beverly Hills, incurred acquisition debt on their new residence of $2,150,000. On their individual tax returns, what is the amount of qualified acquisition debt on which they can each deduct interest in 2018?
A. $900,000.
B. $1,500,000.
C. $1,000,000.
D. $750,000.
Answer: C
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