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Koch traded machine 1 for machine 2 when the fair market value of both machines was $50,000. Koch originally purchased machine 1 for $75,000 and machine 1's adjusted basis was $40,000 at the time of the exchange. Machine 2's seller purchased it for $65,000 and machine 2's adjusted basis was $55,000 at the time of the exchange. What is Koch's adjusted basis in machine 2 after the exchange?
Personal
Pertaining to or concerning an individual person, their characteristics, or their life.
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Cultural norms that dictate the appropriate expressions of emotions in various situations.
Culture
The set of social behaviors, practices, beliefs, and norms that characterize a group or society, passed down from generation to generation.
Emotions
Complex psychological states that involve a subjective experience, physiological response, and a behavioral or expressive response.
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