Jake exchanges an airplane used in his business for a smaller airplane to be used in his business.His adjusted basis for the airplane is $325,000 and the fair market value is $310,000.The fair market value of the smaller airplane is $300,000.In addition,Jake receives cash of $10,000.
Definitions:
Average Costs
The total costs divided by the total quantity produced, expressing the cost per unit of goods or services.
Transfer Price
The price at which goods, services, or intellectual property are traded between divisions within the same organization.
Market Price
The current price at which a good or service can be bought or sold in a marketplace.
Marginal Cost
The change in total cost that arises when the quantity produced is incremented by one unit.
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