Like Kind Exchange

[JGRIZZ]

Could someone please check my calculation on a like-kind exchange for a Truck.

Given up a 2005 Peterbuilt, fully depreciated. Trade in value was 61400.00 with a note
payoff of 56449.00 Net trade in of 4951.00.

New Kenworth purchased for 145691.00. Trade in of 4951.00 and cash given of 20049.00.
Financed 120691.00.

I'm coming up with an adjused basis for the new truck of 84291.00.

Anyone agree or disagree? If you disagree let me know your calculation.

Thanks for any help in this matter.

John G

[Burke]

I agree with your calc. Gain on old truck was $61,400 since no remaining basis. Cost of new truck - less deferred gain = new depr basis.

[Davc]

Yep.......