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Jimbo Incorporated exchanged an old asset ($180,000 FMV and $145,000 adjusted basis) plus $10,000 cash for a new asset with a $190,000 FMV. What is
Jimbo Incorporated exchanged an old asset ($180,000 FMV and $145,000 adjusted basis) plus $10,000 cash for a new asset with a $190,000 FMV. What is Jimbo's basis in the new asset if the transaction qualifies as a like-kind exchange?
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$135,000
$145,000
$190,000
$155,000
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Accounting And Order
Authors: Mahmoud Ezzamel
1st Edition
0415482615, 978-0415482615
