Bobbie Exchanges Business Equipment (Adjusted Basis $160,000)for Other Business Equipment

question 1

Multiple Choice

Bobbie exchanges business equipment (adjusted basis $160,000) for other business equipment that has a FMV of $140,000.Bobbie also receives $30,000 cash.Bobbie's basis in the new equipment is

• A)$130,000.
• B)$140,000.
• C)$160,000.
• D)$170,000.

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