Please include IRC Citation. Thanks.

a. 15. The basis of property acquired in a wash sale is its cost plus the loss not recognized on the wash sale. True b. False IRC Citation: C. 16. The taxpayer owns stock with an adjusted basis of $15,000 and a fair market value of $8,000. If the stock or cash is going to be given to her niece, it is preferable for the taxpayer to sell the stock and give the $8,000 of cash to her niece. a. True b. False c. Why? 17. Stuart owns land with an adjusted basis of $190,000 and a fair market value of $500,000. If the property is going to be given to Stuart's nephew, Alex, it is preferable for the transfer to be by inheritance rather than by gift. True b. False Why? a. C. 18. The adjusted basis of an asset is the original cost (or basis) plus capital recoveries less capital additions. a. True b. False IRC Citation: C. a. 19. The non-recognition of gains and losses under $ 1031 is mandatory for gains and elective for losses. True b. False IRC Citation: C