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____ 23. Sam purchased an SUV for $52,000 which he uses 100% for personal purposes. When the SUV is worth $19,000, he contributes it to

____ 23. Sam purchased an SUV for $52,000 which he uses 100% for personal purposes. When the SUV is worth $19,000, he contributes it to his business. The gain basis is $52,000, the loss basis is $19,000, and the basis for cost recovery is $52,000.

True/False Indicate whether the statement is true or false.

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