Business, 14.04.2020 22:20, gymnast8900

Mary traded furniture used in her business to a furniture dealer for some new furniture. Mary originally purchased the furniture for $45,000 and it had an adjusted basis of $20,000 at the time of the exchange. The new furniture had a fair market value of $40,000. Mary also gave $4,000 to the dealer in the transaction.
What is Mary's adjusted basis in the new furniture after this transaction?

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Mary traded furniture used in her business to a furniture dealer for some new furniture. Mary origin...