Janet Is the Business Manager for Greenville Auto Mart

Multiple Choice

Janet is the business manager for Greenville Auto Mart. She buys a new car from the dealership for $35,000. The basis of the car to the dealership was $30,000. The car lists for $42,00, but the dealer would sell the car for $40,000. What is Janet's basis in the new car?

A) $30,000
B) $35,000
C) $40,000
D) $42,000
E) $47,000