Income Tax Preparation : Wilson purchases a delivery van at an online auction for his new business. Prior to using the van the following cost were incurred. The cost of the van is $35,000. Shipping costs are $400.

Income Tax Preparation : Wilson purchases a delivery van at an online auction for his new business. Prior to using the van the following cost were incurred. The cost of the van is $35,000. Shipping costs are $400.

The van to was painted to make a uniform fleet of vans in which the cost was $1,000. Sales tax on the van is $2,500. Shipping insurance was $200. The van was washed for and additional $25. A tuneup which costs $200. What is the tax basis of the delivery van?

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Income Tax Preparation : Wilson purchases a delivery van at an online auction for his new business. Prior to using the van the following cost were incurred. The cost of the van is $35,000. Shipping costs are $400.

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