TAXMAN Posted February 19, 2019 Report Share Posted February 19, 2019 Since basically all like kind in the equipment/machine world have been eliminated so here is my question. If farmer trades his tractor in for a newer one and the dealer allows on trade $xx, would it be a safe assumption that I use this as a sale price # for the 4797? and then basis for new tractor becomes original cost of tractor before trade comes into play? Your thoughts. 3 Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted February 19, 2019 Report Share Posted February 19, 2019 That is what I have been doing... D 3 Quote Link to comment Share on other sites More sharing options...
gfizer Posted February 19, 2019 Report Share Posted February 19, 2019 That is the procedure we were instructed to use at the income tax school presented by the University of Kentucky. Quote Link to comment Share on other sites More sharing options...
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