Meg O'Brien received a gift of some small$-$scale jewelry manufacturing equipment that her father had used for personal purposes for many years. Her father originally purchased the equipment for $\backslash (\backslash$$ $1,920\backslash ).$ Because the equipment is out of production and no longer available, the property is currently worth $\backslash (\backslash$$ $4,800\backslash ).$ Meg has decided to begin a new jewelry manufacturing trade or business. What is her depreciable basis for depreciating the equipment?