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(Solved) (Latest ver. Aug 2020) - Non-taxable Exchange Bias

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Question:

In a nontaxable exchange, Henri traded in a truck having an adjusted basis of $8,500 and a FMV of $15,000, for a new truck having a FMV of $15,000. In addition, Henri paid cash of $5,000. What is Henri's basis in the new truck?

A. $5,000
B. $8,500
C. $13,500
D. $15,000

 







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This question was answered on: Sep 16, 2020

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