What is wyatt basis for the new van

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Reference no: EM132088033

Question: Wyatt, Inc. owns a delivery van which he purchased for $50,000. After depreciation of $30,000 had been deducted, the van was traded-in for a new van that cost $55,000. Wyatt was required to pay the car dealer $25,000 in cash as part of the transaction. What is Wyatt's basis for the new van? Show work

Reference no: EM132088033

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What is wyatt basis for the new van : Wyatt, Inc. owns a delivery van which he purchased for $50,000. After depreciation of $30,000 had been deducted, the van was traded-in for a new van.

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