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Ollie owns a personal use car for which he originally paid $42,000. He trades the car in on a sports utility vehicle (SUV) paying the automobile dealer cash of $24,000. If the negotiated price of the SUV is $45,000, what is Ollie's realized and recognized gain or loss and his adjusted basis for the new SUV?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M963126

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