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Please assist with this questions Sue exchanges a sport-utility vehicle (adjusted basis of $37,120; fair market value of $46,400) for cash of $6,950 and a

Please assist with this questions

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Sue exchanges a sport-utility vehicle (adjusted basis of $37,120; fair market value of $46,400) for cash of $6,950 and a pickup truck (fair market value of $39,440). Both vehicles are for business use. Sue believes that her basis for the truck is $39,440. Is Sue correct? Explain. . She must treat the transaction as a like-kind exchange . Therefore the basis of the new property is $ and Sue has a gain recognized gain of Previous DA MacBook Air

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