Question
In January 2013, Keyaki Construction Company exchanged an old truck, which cost $54,000 and had accumulated depreciation of $18,000, for a new truck having a
In January 2013, Keyaki Construction Company exchanged an old truck, which cost $54,000 and had accumulated depreciation of $18,000, for a new truck having a fair market value of $65,000. In connection with the exchange, Keyaki paid $35,000 in cash. What is the tax basis of the new truck?
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Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
10th Edition
0324380674, 978-0324380675
