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In June 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?

Respuesta :

cancinodavidq

Answer:

No I think you should include gain in new basis

Explanation:

Sports utility vehicle

fair market value=19,500

Exchanged in

pickup truck=17,500

Cash=2,000

Total 19,500

Basis for the truck is $17,500 but she did not consider gain (Amount realized-Adjusted basis )

=$3,500

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