If Similar Assets Are Exchanged and a Gain Results, the

question 34

Multiple Choice

If similar assets are exchanged and a gain results, the

• A)recognition of the gain will be immediate.
• B)cost basis of the asset received in the exchange will be decreased.
• C)cost basis of the asset given in the exchange will be increased.
• D)cost basis of the asset received in the exchange will be increased.

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