Share this content

Like Kind Exchange Question

I need help figuring out an entry for a like kind echange

Didn't find your answer?


I have a like kind exchnage I need help with. We traded in a fully depreciated vehicle for a new vehicle. 

Original Basis $   39,403.31

Accum Depreciation $   39,403.31

New Vehicle $   44,368.98

Trade Allowance $   22,556.63

Loan  $   21,812.35

What is the new basis? $44,368.98-$39,403.31? If the new basis is $4,965.67, then how do I record that in my vehicle account? Thanks!

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.

Share this content