LiO Company transferred an old asset with a $13,600 adjusted tax basis in exchange for a new asset worth $11,000 and $1,500 cash the following statements is false? If the exchange is taxable, Lo recognizes an $1,100 loss. If the exchange is nontaxable, LiO recognizes no loss. If the exchange is nontaxable, LiO's tax basis in the new asset is $12,100. None of the statements is false