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Koch exchanges business equipment with an adjusted basis of

Koch exchanges business equipment with an adjusted basis of $40,000 for business equipment with a fair market value of $65,000. If the exchange qualifies for like-kind exchange treatment, what is Koch's adjusted basis for the new equipment after the exchange?

a. $40,000.

b. $50,000.

c. $55,000.

d. $75,000.

e. None of these.

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