What is samantha adjusted basis in new truck she receieves

Reference no: EM13125681

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, and she gives Phyllis cash of $7,000. Phyllis's basis in her truck is $35,000 and its FMV is $40,000. What is Samantha's adjusted basis in the new truck she receives.

a) $25,000
b) $32,000
c) $33,000
d) $40,000

Reference no: EM13125681

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