Garnet, Inc., owns a delivery truck which initially cost $30,000. After depreciation of $15,000 had been deducted, the truck was traded-in on a new truck that cost $40,000. Garnet was required to pay the car dealer $20,000 in cash. What is Garnet's basis for the new truck?
e. None of the above.© BrainMass Inc. brainmass.com June 3, 2020, 7:27 pm ad1c9bdddf
Quick calculations to find the basis for a new delivery truck after depreciation of the old one.