In 2019, Sue exchanges a sport-utility vehicle (adjusted basis of $16,000; fair market value of...
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Accounting
In 2019, Sue exchanges a sport-utility vehicle (adjusted basis of $16,000; fair market value of $19,500) for cash of $2,000 and a pickup truck (fair market value of $17,500). Both vehicles are for business use. Sue believes that her basis for the truck is $17,500. Is Sue correct? Why or Why not?
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