1. Was there any previous depreciation taken on the vehicle given up? What was its adjusted basis?2. What was the amount of cash paid out by the buyer for the n...

According to IRC Sec1001...."1001(a)Computation of Gain or LossThe gain from the sale or other disposition of property shall be the excess of the amount realize...

RainFlurry,Why is the gain not $108,568? If the value of the new car received is $49,194 and assuming the dealership also paid off the $59,374 note then the val...