Peach, Inc., owns a delivery truck (cost of $35,000) on which depreciation of $21,000 has been deducted.The truck and $14,000 cash are used to acquire a new truck at a cost of $40,000.What is Peach's basis for the new truck?
A) $0.
B) $28,000.
C) $40,000.
D) $49,000.
E) None of the above.
Correct Answer:
Verified
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