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(solution) ACCT 405 In 2016, Laurie, a single taxpayer, purchased a home


ACCT 405

  1. In 2016, Laurie, a single taxpayer, purchased a home (her primary residence) for $1,800,000. She paid $500,000 in cash and financed $1,300,000 with a loan secured by her home. In 2016, Joleen paid interest that accrued on the $1,300,000 loan during that year. She has no other loans secured by her home.
    1. A: Read the relevant portions of Pau, TC Memo 1997-43. Based only on this case, on what amount of debt may Laurie deduct qualified residence interest?
    2. B: Read the relevant portions of Norman, TC Memo 2012-360. Based only on this case, on what amount of debt may Laurie deduct qualified residence interest?
    3. C: A significant change (in the form of an IRS pronouncement) occurred between Pau and Norman that alters the result from a to b. Find and cite this IRS pronouncement.


 


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