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What is harry basis in his new business

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Reference no: EM131771232

Question - Harry purchases a business. The purchase agreement stipulates the following:

-Buyer pays $5,000 cash

-Buyer assumes Seller's personal debt of $7,000

-Buyer receives $10,000 in receivables from the business which remains in the business.

-Seller pays Buyer's closing costs of $1,000

-Buyer gives Seller a car with a basis of $2,000 and a FMV of $5,000

What is Harry's basis in his new business?

Reference no: EM131771232

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