Proceeds to acquire a luxury automobile

Reference no: EM13157656

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, 2000 he borrowed $50,000 on a home equity loan and used the proceeds to acquire a luxury automobile. During 2000, he paid the following amounts of interest:

Reference no: EM13157656

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