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| During 2013, Fred Good traded a tractor used solely in his construction business for another tractor for the same use. On the date of the trade, the old tractor had an adjusted basis of $3,000 and a fair market value of $3,300. He received in exchange $500 in cash and a smaller tractor with a fair market value of $2,800. Assuming Mr. Good recognized $300 gain on the transaction, what is his basis in the new tractor? A. $2,300 B. $3,300 C. $2,800 D. $3,000 |