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Calculate susan basis for the new car

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Reference no: EM132025790

Question - Susan owns a car that she uses exclusively for personal purposes. Its original cost was $26,000, and the fair market value is $12,000. She exchanges the car and $18,000 cash for a new car.

a. Calculate Susan's realized and recognized gain or loss.

b. Calculate Susan's basis for the new car.

c. Determine when Susan's holding period for the new car begins.

Reference no: EM132025790

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