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Damien paid $41,000 for a new car. A few weeks later, he received a $2,000 cash rebate from the manufacturer. Damien later claimed and received
Damien paid $41,000 for a new car. A few weeks later, he received a $2,000 cash rebate from the manufacturer. Damien later claimed and received a $3,750 federal tax credit for purchasing and owning the vehicle. Damien's basis in the car is:
$35,250
$37,250
$39,000
$41,000
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