In January 2013,Keyaki Construction Company Exchanged an Old Truck,which Cost

question 44

Multiple Choice

In January 2013,Keyaki Construction Company exchanged an old truck,which cost $54,000 and had accumulated depreciation of $18,000,for a new truck having a fair market value of $65,000.In connection with the exchange,Keyaki paid $35,000 in cash.What is the tax basis of the new truck?

• A)$54,000
• B)$65,000
• C)$71,000
• D)$89,000
• E)None of the above

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