We are trading in an old trailer (considered M&E) for $2,000 deposit towards a new trailer. The old trailer was acquired on 9/30/1990 for $7,784 and id fully depreciate. The new trailer will cost $23,295.34 less the $2,000 for the old trailer, we will pay $21,295.34. Is this considered a like kind exchange? how would it be processed in FAS. We use Sage Fixed Assets Premier Depreciation v. 2019.1.
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