Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps

تمرين 39

Elaine exchanges a van that is used exclusively for business purposes for another van that also is to be used exclusively for business. The adjusted basis for the old van is $18,000, and its FMV is $14,500.
a. Calculate Elaine's recognized gain or loss on the exchange.
b. Calculate Elaine's basis for the van she receives.