10. LO.2 Sue exchanges a sport utility vehicle (adjusted basis of $16,000; fair market value of $19,500)...
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10. LO.2 Sue exchanges a sport utility vehicle (adjusted basis of $16,000; fair market value of $19,500) for cash of $2,000 and a pickup truck (fair market value of $17,500). Both vehicles are for business use. Sue believes that her basis for the truck is $17,500. In calculating her basis, what has Sue failed to consider?
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Related Book For
South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts
ISBN: 9781285424484
37th Edition
Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
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