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show work 7. ABC Company bought equipment for its manufacturing plant. The...

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Accounting

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7. ABC Company bought equipment for its manufacturing plant. The equipment costs $40,000. The equipment shipping costs $2,000, the setup fee is $1,000, and testing the testing fee is $300. Upon testing, ABC discovers damage to the equipment from shipping. The damage is $2,000 paid by ABC. What is the tax basis of the equipment

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