Homework Help: accounting

Posted by janai preister on Sunday, June 26, 2011 at 5:13pm.

You trade equipment in 2010 and pay a $10,000 cash boot for similar equipment with a fair market value of $20,000. The transaction cost is $100. You paid $25,000 for your old equipment. The depreciation deduction allowed for tax purposes on the old equipment was $4,000 in 2007, $5,500 in 2008, and $7,000 in 2009. What is the basis of the equipment that you acquire in the trade?

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