Problem
A tractor with an adjusted basis (from depreciation) of $65,030 is traded for a new tractor that has a fair market value of $300,000. A cash payment of $225,000 is made to complete the transaction. What is the tax depreciation basis of the new tractor?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.