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Business, 24.05.2021 14:00 tatianna341

In June 2020, Sue exchanges a sport-utility vehicle (adjusted basis of $122,240; fair market value of $152,800) for cash of $22,920 and a pickup truck (fair market value of $129,880). Both vehicles are for business use. Sue believes that her basis for the truck is $129,880. Is Sue correct? Why or why not?

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