Barbara wanted to go into the long-distance trucking business. She bought a used tractor and trailer for

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Barbara wanted to go into the long-distance trucking business. She bought a used tractor and trailer for $102,000. However, the trailer wasn't suitable for Barbara's needs, so she sold it for $24,000 and purchased the trailer she needed for $30,000.
What is Barbara's basis in the tractor? What is Barbara's basis in the trailer?

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Related Book For  answer-question

Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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