What is kims adjusted basis in the equipment, Accounting Basics

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What is kims adjusted basis in the equipment

Question: Kim owns equipment that is used exclusively in her business. The equipment has an adjusted basis of $8,500 (FMV $5,000). Kim transfers the equipment and $2,000 cash to David for other equipment (also used for business purposes) that has an FMV of $7,000. Required: What is Kim's recognized gain or loss on the exchange? What is Kim's adjusted basis in the equipment?

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Accounting Basics: What is kims adjusted basis in the equipment

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Accounting Basics: What is kims adjusted basis in the equipment

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