Question: 4. Leker exchanged a van that was used exclusively for business and had an adjusted tax basis of $20,000 for a new van. The new

4. Leker exchanged a van that was used exclusively for business and had an adjusted tax basis of $20,000 for a new van. The new van had a fair market value of $10,000, and Leker also received $3,000 in cash. What was Leker’s tax basis in the acquired van?

a. $20,000

b. $17,000

c. $13,000

d. $ 7,000

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