“Problem 12-34 Jim Junction purchased a truck fro business on November 17, 2009, for $40,000. On July 21, 2010, he exchanged the truck for another…

“Problem 12-34Jim Junction purchased a truck fro business on November 17, 2009, for $40,000. On July 21, 2010, he exchanged the truck for another truck in a like-kind exchange. The new truck had a fair market value of $42,000. When does the holding period on the new truck and what is its basis?

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