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Ed Edmonds Exchanged a Business Truck with an Adjusted Basis

Question 4

Multiple Choice

Ed Edmonds exchanged a business truck with an adjusted basis of $320,000 for another business truck with a fair market value of $20,000, a boat with a fair market value of $6,000, and $2,000 cash. What is the basis of the new truck?


A) $18,000
B) $20,000
C) $24,000
D) $30,000
E) $32,000

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