Determining basis for the new truck

Reference no: EM13148689

Global, Inc., owns a delivery truck which initially cost $30,000. After depreciation of $15,000 had been deducted, the truck was traded-in on a new truck that cost $60,000. Global was required to pay the car dealer $20,000 in cash. What is Global's basis for the new truck?

a. $0.
b. $35,000.
c. $60,000.
d. $75,000.
e. None of the above.

Reference no: EM13148689

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