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Business, 23.07.2019 02:10 ryan1kk

Bluff purchased equipment for business use for $35,000 and made $1,000 of improvements to the equipment. after deducting depreciation of $5,000, bluff gave the equipment to russett for business use. at the time the gift was made, the equipment had a fair market value of $32,000. ignoring gift tax consequences, what is russett's basis in the equipment

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