In June 2021, 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. Is Sue correct? Why or why not? As part of your response, compute Sue's realized gain or loss (and any recognized gain or loss) on the exchange. She must treat the transaction as Therefore the basis of the new property is and Sue has a gain recoonized gain of 3 In June 2021, 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. Is Sue correct? Why or why not? As part of your response, compute Sue's realized gain of loss (and any recognized gain or loss) on the exchange. She must treat the transaction as Therefore the basis of the new propertyis Sue has a gain recognized gain of s In June 2021, 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 $317,500. Is Sue correct? Why or why not? As part of your response, compute Sue's realized gain or loss (and any recognized gain or lote) on thin exchange. She must treat the transaction as Therefore the basis of the new property is and Sue has a pain recognized gain of sa regular sale of exchange a like-kind exchange