A Taxpayer Always Will Have a Tax Basis in Boot

question 124

True/False

A taxpayer always will have a tax basis in boot received in a section 351 transaction equal to its fair market value.

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Definitions:

Ignorance

Ignorance is the state of being unaware, uninformed, or lacking knowledge about something specific or in general.

Evidence

Information or data presented in support of an assertion, argument, or as a basis for belief.

Loaded Questions

A type of question that contains a controversial or unjustified assumption, often used to trap the respondent into agreeing with the premise.

Begging the Question

A logical fallacy where the conclusion of an argument is assumed in one of the premises, essentially arguing in a circle without proving the initial point.