Recognized gain-loss and the basis of the new machine, Accounting Basics

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Recognized gain-loss and the basis of the new machine

Maude exchanges a business machine for a new business machine. The adjusted basis of the old machine is 62000 and the fair market value of the new machine is 70000. the recognized gain or loss and the basis of the new machine is :

a. 0 and 0

b. 0 and 62000

c. 0 and 70000

d. 8000 and 70000

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Accounting Basics: Recognized gain-loss and the basis of the new machine

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Accounting Basics: Recognized gain-loss and the basis of the new machine

Reference No:- TGS094629

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: Recognized gain-loss and the basis of the new machine

Reference No:- TGS094629

Recent Questions Asked Accounting Basics

Q : Each infestation level to obtain reliable data

Q : Inheritance relationship, an aggregation relationship

Q : Gas prices are ridiculously expensive these days

Q : The Milwaukee Brewers are playing their archrival

Q : Recognized gain-loss and the basis of the new machine

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