Solved: She gives phyllis cash of 7000 phyllis basis in her truck, Accounting Basics

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She gives phyllis cash of 7000 phyllis basis in her truck

Question - Samantha exchange a truck used in her business with Phyllis for another truck the basis of samantha's old truck is 25,000 FMV is 33,000 and she gives Phyllis cash of 7,000 phyllis basis in her truck is 35,000 and its FMV is 40,000 what is samantha's adjusted basis in the new truck she receives?

a-25,000

b-32,000

c-33,000

d-40,000

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Accounting Basics: She gives phyllis cash of 7000 phyllis basis in her truck

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Accounting Basics: She gives phyllis cash of 7000 phyllis basis in her truck

Reference No:- TGS02610757

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