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You trade a boat and give a $35,000 cash boot for another boat with a fair market value of $110,000. The adjusted basis of your
You trade a boat and give a $35,000 cash boot for another boat with a fair market value of $110,000. The adjusted basis of your old boat is $60,000. The transaction cost is $1,500. You have the bottom of your new boat painted at a cost of $900, so that you can keep it in the water. What is the basis of the boat that you acquire in the trade?
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