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Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $34,750. In addition, Jose incurred the
Jose purchased a delivery van for his business through an online auction. His winning bid for the van was $34,750. In addition, Jose incurred the following expenses before using the van: shipping costs of $1,470; paint to match the other fleet vehicles at a cost of $1,590; registration costs of $4,836, which included $4,600 of sales tax and an annual registration fee of $236; wash and detailing for $141; and an engine tune-up for $318.
What is Joses cost basis for the delivery van?
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