Multiple Choice
Kornek Inc.transferred an old asset with a $200,000 adjusted tax basis plus $12,000 cash in exchange for a new asset worth $260,000.Which of the following statements is false?
A) If the exchange is taxable,Kornek recognizes a $48,000 gain.
B) If the exchange is nontaxable,Kornek recognizes a $12,000 gain.
C) If the exchange is nontaxable,Kornek's tax basis in the new asset is $212,000.
D) None of the statements is false.
Correct Answer:
Verified
Correct Answer:
Verified
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