Hello,
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!
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