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Christy traded in her personal car with an adjusted basis of $12,000 for a new...

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Accounting

Christy traded in her personal car with an adjusted basis of $12,000 for a new car costing $28,000. The dealer allowed $9,000, the car's FMV, for the old car, and Christy paid $19,000 in cash. What is CHristy's basis in the new car? a. $31,000 b. $28,000 c. $19,000 d. $12,000

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