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Frost Inc. exchanged Asset B with an unrelated entity for Asset Y plus $ 1 6 , 2 5 0 in cash. Frost's tax basis
Frost Inc. exchanged Asset B with an unrelated entity for Asset plus $ in cash. Frost's tax basis in Asset B was $ and Asset Ys appraised FMV was $ Which statement is accurate?
a If Asset B and Asset Y are likekind, Frost recognizes no gain and takes a $ basis in Asset Y
b If Asset B and Asset Y are not likekind, Frost recognizes a $ gain and takes a $ basis in Asset Y
c If Asset B and Asset Y are likekind, Frost recognizes a $ gain and takes a $ basis in Asset Y
d If Asset B and Asset are likekind, Frost recognizes a $ gain and takes a $ basis in Asset Y
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