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A machine that cost 10250 and which had been depreciated

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A machine that cost $10,250 and which had been depreciated $8,000 was traded in on a new machine of like purpose priced at $11,400, less a $3,000 trade-in allowance on the old machine. As a result, the basis of the new machine for federal income tax purposes.

Reference no: EM13596540

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