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Glendale Company traded older equipment for newer equipment purchased from Giovanni Company. Giovanni originally purchased the older equipment for $750,000 and has claimed $350,000 in
Glendale Company traded older equipment for newer equipment purchased from Giovanni Company. Giovanni originally purchased the older equipment for $750,000 and has claimed $350,000 in depreciation. Giovanni previously purchased its equipment for $650,000 and had an adjusted basis of $550,000 at the time of the exchange. All Like kind exchange criteria was met. What is Glendale's adjusted basis in the newer equipment after the exchange?
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