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Posted by emma on May 29, 2007, 7:46 pm
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I bought a vehicle in 2005 for my business, and took depreciation on
it in 2005 on my taxes. In 2006, I traded in this vehicle for
another. What forms does this need to be recorded on? I understand
that I won't have to pay taxes on any gains, since it will lower the
basis of the new car??? Please help, and explain how to record this
on my books. (We file form 1120)
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