During the Current Year,Tony Purchased New Car Wash Equipment for Use

question 73

Multiple Choice

During the current year,Tony purchased new car wash equipment for use in his service station business.Tony's costs in connection with the new equipment this year were as follows: $$\begin{array} { | l | r | } \hline \text { Cost of the equipment } & \$ 45,000 \\\hline \text { Sales tax on the equipment } & 4,000 \\\hline \text { Delivery charges } & 600 \\\hline \text { Installation and testing charges } & 3,000 \\\hline \text { Expenses of operating the equipment } & 2,000 \\\hline\end{array}$$ What is Tony's basis in the car wash equipment?

• A)$49,000
• B)$49,600
• C)$52,600
• D)$54,600

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Definitions:

Gregarious

Describing a person or animal that enjoys being in social groups and often seeks the company of others.

Normative-stage

A concept in psychology that suggests individuals go through predetermined stages of development based on societal norms.

Normative-sequential

A developmental concept indicating that certain behaviors and milestones tend to occur in a specific, predictable order as individuals age.

Social Clock

The culturally preferred timing of major life events, such as marriage, parenthood, and retirement.