In June 2021, Sue exchanges a sport-utility vehicle (adjusted basis of $106,560; fair market value of $133,200) for cash of $19,980 and a pickup truck (fair market value of $113,220). Both vehicles are held for business use. Sue believes that her basis for the truck is $113,220. Is Sue correct? Why or why not? As part of your response, compute Sue's realized gain or loss (and any recognized gain or loss) on the exchange. She must treat the transaction as Therefore the basis of the new property is and Sue has a gain recognized gain of $
