Business, 06.04.2021 05:20, jroig42

Morris Ronaldo runs a small sole proprietorship that has one truck that is used solely in the business. It had a cost of $70,000 but a tax basis of only $19,000. However, it has a fair value of $22,000. It is traded for a similar truck with a list sales price of $80,000. To make the sale, the dealer reduced the price by $24,000 as a trade-in allowance for the old truck. Morris paid the $56,000 difference in cash. This exchange qualifies for section 1031 like-kind nonrecognition of gain treatment. Group of answer choices True False

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Morris Ronaldo runs a small sole proprietorship that has one truck that is used solely in the busine...