Bradley, an accountant, needed new office equipment. One of his clients owns a computer store and offered to provide the equipment of Bradley's choice in exchange for a full year of bookkeeping services. The estimated value of his services is $8,000. The FMV of the equipment is $7,500. Bradley's client paid $450 for shipping and taxes when he purchased the equipment. What is Bradley's basis in the office equipment? $7,500 $8,000 $7,950 $8,450

Answer rating: 100% (QA)

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