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On September 17, 2014, Sam purchases equipment from Amy. Amy purchased it originally from the manufacturer for $110,000 and had taken $20,000 of depreciation on

On September 17, 2014, Sam purchases equipment from Amy. Amy purchased it originally from the manufacturer for $110,000 and had taken $20,000 of depreciation on the equipment. She sold it to Sam for $55,000. What is Sam's basis in the equipment?

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