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What is the taxpayer realized and recognized gain

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Question - A taxpayer is trading in an automobile used solely for business purposes for another automobile to be used in his business. The automobile originally cost $35,000 and he has taken $18,000 in depreciation. The old automobile is currently worth $20,000 and the new automobile the taxpayer wants in exchange is worth $22,000. The taxpayer has agreed to pay $2,000 cash in addition to the trade-in. What is the taxpayer's realized and recognized gain or loss on the transaction and his basis in the new automobile received?

Reference no: EM132103017

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