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Jessica exchanged some business furniture for some new furniture. she had paid $45,000 for the furniture and claimed $25,000 of depreciation on it. The new
Jessica exchanged some business furniture for some new furniture. she had paid $45,000 for the furniture and claimed $25,000 of depreciation on it. The new furniture was valued at $40,000. Jessica paid $4,000 in addition to trade-in. what is her basis in the new furniture?
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