Samantha exchanges a truck used in her business with Phyllis for another truck. The basis of Samantha's old truck is $25,000, FMV is $33,000, and she gives Phyllis cash of $7,000. Phyllis's basis in her truck is $35,000 and its FMV is $40,000. What is Samantha's adjusted basis in the new truck she receives?

Answer rating: 100% (QA)

To find Samanthas adjusted basis in the new truck she receives we need to consider the basis of her ... View the full answer