During the current year, Tony purchased new car wash equipment for use in his service...
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Accounting
During the current year, Tony purchased new car wash equipment for use in his service station business. Tony's costs in connection with the new equipment this year were as follows: Cost of the equipment..$45,000 Sales tax on the equipment ...4,000 Delivery charges600 Installation and testing charges..3,000 Expenses of operating the equipment. .2,000 What is Tony's basis in the car wash equipment?
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