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(Solved by Expert Tutors) A taxpayer is trading in an automobile used solely for business purposes


business. The automobile originally cost $35,000 and he has taken $18,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is only worth $16,500. The other party agrees to give the taxpayer a trailer worth $3,500 in addition to the new auto. What is the taxpayer's gain or loss realized and recognized on the transaction and what is his basis in the new automobile received?

 


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DATE ANSWERED

Apr 19, 2020

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