The Basis of Non- Like- Kind Property Received Is the Basis

question 924

True/False

The basis of non- like- kind property received is the basis in the hands of the transferor at the date of the exchange.

---

Definitions:

Organic Molecule

Molecule that always contains carbon and hydrogen, and often contains oxygen as well; organic molecules are associated

Carbon Atom

A chemical element with symbol C and atomic number 6, fundamental to all known life, able to form stable bonds with many elements including itself.

Organic Molecules

Chemical compounds composed primarily of carbon atoms in rings or long chains, to which are attached other atoms such as hydrogen, oxygen, and nitrogen.

Carbon

A chemical element with symbol C, essential to all life, serving as the basic building block for all organic molecules.