Terry purchased an ice-cream machine for $14,000; the seller is holding the note. Terry paid...
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Accounting
Terry purchased an ice-cream machine for $14,000; the seller is holding the note. Terry paid $1,500 for the required wiring and installation. Terry has deducted depreciation on the ice-cream machine for 2 years totaling $2,400. Terry owes $8,000 to the Seller. What is Terrys adjusted basis in the ice-cream machine?
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