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ACCOUNTING 736 Samantha Exchanges a truck used in her business with Phyllis for another truck

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January 6th, 2018

Samantha Exchanges a truck used in her business with Phyllis for another truck, The basis of Samantha’s old truck is $25,000. FMV is $33,000. Phillis; basis in her truck is $35,000 and it’s FMV is $40,000.Who pays the boot?How much boot?What is Samantha’s adjusted basis in the new truck she receives?

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